It’s the Sydney home that earnt more than the NRL’s best players.
A quaint old shack in Sydney’s north with pink walls and a makeshift roof deck has just made its owners $2.84m in less than 18 months.
The owners paid $5.01m for the three-bedroom cottage in Raglan St, Mosman on Sydney’s north shore in August 2022 and sold it unchanged for $7.85m.
But while the 1920s cottage on 594sqm of land had no material alteration what the owners had achieved was DA approval for a new four-level home with views. Agent Jonathon De Brennan, of De Brennan Property, said the approval had meant a 57 per cent increase in the property’s value.
Prime position.
“We had a number of interested parties, local, expats and foreign purchasers and it was the foreign purchasers who were at a stronger level,” he said.
Such was the state of the home, or the lack of interest in it, no inside images of the property were provided in marketing promotion for the home.
The images in this article were taken last year.
The new DA is for a contemporary home designed by Corben Architects just 250m from Balmoral Beach and in company with some of Sydney’s most affluent and tightly held homes. But of course, the new owners will now have to pay to build that new home.
That house earnt how much?!
Harbour views.
