Mak­ing cash out of thin air

The Sunday Telegraph (Sydney) - - REALESTATE -

A MER­RY­LANDS ven­dor made al­most $300,000 in less than 12 months, sell­ing his prop­erty in worse con­di­tion than when he bought it.

The two-bed­room run­down home on 604sqm at 11 Mon­trose Ave sold at auc­tion for $55,000 above re­serve at $1,185,000.

The spray-painted prop­erty with one bath­room and one car space last sold for $920,000 in Septem­ber 2016. Michael Azzi of Ray White Mer­ry­lands said the new owner, a Lid­combe in­vestor in his 30s, will have to ren­o­vate the home be­fore it can be leased for $410-$420 a week.

“The ven­dor bought it in bet­ter con­di­tion and now he’s made over $200,000 in less than 12 months,” Mr Azzi said, ex­plain­ing the de­vel­op­ment po­ten­tial and prox­im­ity to shops and sta­tion were key to the re­sult.

In Greystanes, there were seven reg­is­tered bid­ders for a three-bed­room, sin­gle-level home, that sold for $954,000.

First-home buy­ers lost out to a Mer­ry­lands fam­ily who snapped up the house on 562sqm at 1 He­witt Ave.

11 Mon­trose Ave, Mer­ry­lands

1 He­witt Ave, Greystanes

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