Making cash out of thin air
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