Originally published Australian Financial Review, Sept 22, 2021.
A pair of property flippers resold a three-bedroom home in northern Sydney for $1.903 million at auction on Saturday, less than a year after buying it for $1.28 million.
The young couple – who snatched the keys to 15A Bolta Place, Cromer, in October last year – spruced up a handful of features before reselling the tidy family abode less than 12 months later.
The home was one of 354 properties across Sydney to sell under the hammer on Saturday. Nine virtual bidders furiously battled it out for the Cromer property before an owner-occupier laid out the final bid to kill the competition.
“It was a huge result … and now these guys [the vendors] are planning to do another project for themselves with a bigger block because they just wanted to take advantage of the market,” co-selling agent Gavin Daly of McGrath Manly said. “In fact, that was their plan [when they bought it in October].
“I don’t know if they realised it would go off so quickly in a short amount of time, but this was their first [property flip], so it’s a great start.
“In terms of the renovations, they did the bathrooms and laundry and the floors a bit, and outdoor decking. One of the owners, Callum Rogers, he’s actually a builder with Olympus Building Services, and he did it himself.”
Read full AFR article here.
