The West Australian
$1 million profit in 18 months
Saunders Street in Mosman Park is known as “millionaires’ row”, home to the 0.1 per centers who can afford to spend more than $5 million on a home.
And as such, it remains completely out of reach for most people.
But it is somehow also the perfect weather vane for what is happening in the broader property market, albeit in an entirely exaggerated way and with several more zeroes in the price tag than most people can fathom.
Case in point is the Saunders Street home recently sold by investor Sharon Creasy, below, who made more than $1 million profit on the home in 18 months.
Ms Creasy bought the property, above, in November 2019, through her Spinifex Investments, from businessman Tim Goyder for $4,775,000.
She has just sold the same home for $5.85 million, giving her a profit of $1,075,000 in 18 months.
That’s nearly $60,000 a month.
To put that in perspective, her monthly boon is not far off Australia’s average weekly total earnings calculated over an entire year.
So it seems she has the Midas touch, much like her ex, gold miner Mark Creasy.
The property was purchased by
Shirley, the wife of Red Dot chain store owner Robert Shirley. So we assume a good many microfibre socks, storage containers and fidget toys changed hands to help fund the purchase.
And no doubt they will enjoy the views over the river and city skyline from the home’s full height windows.
But while the home has enjoyed a decent hike in value over the past 18 months, it is still below its peak, just like median homes across the rest of Perth. The mansion sold for $6.3 million in March 2007, which is close to half a million dollars more than its recent sale price.
In 2008 it listed for a hefty $7.2 million, but did not sell.
Regardless, the Saunders St home is still worth less now than it was 14 years ago. And that, my friends, is life in a boom and bust town like Perth.