From $325k Purchase to $80M Sale: Our House's Value Skyrocketed

Purchased our home for $325,000 and resold it at a staggering price of $80 million.

Real Estate

From $325K Purchase to $80M Sale: Our House's Incredible Profit

By Domingo Rolfson

May 25, 2024

145

The Sydney property market has been on fire for the past few years, but one unassuming house in Point Piper has managed to amass a staggering profit that turned its owners into multi-millionaires overnight. The mansion, known as Rockleigh, was inherited by medical specialist Philippa Harvey-Sutton from her mother, Val Rundle, in 2016. 
 
Rockleigh had been in the family since 1978, when it was purchased at a price of $325,000. Recently, though, an undisclosed buyer offered between $80 million and $85 million for this gem of a property. This sale will enable Ms. Harvey-Sutton and her husband, Alistair Harvey-Sutton, to enjoy their golden years comfortably as they plan to downsize. 
 
In 1978, Sydney's median house price stood at around $43,000, making Rockleigh quite costly even by those standards. What makes this home so special? It is undoubtedly its breathtaking views over Sydney Harbour—an increasingly rare commodity in today’s red-hot property market. 
 
Point Piper is renowned for some of Australia's best—and most expensive—views. Previous owner Frederick Pratten, a publisher and politician, would have enjoyed these vistas during his tenure at Rockleigh before selling them to the Suttons' family. 
 
Despite being pricy, real estate sales are flourishing within Point Piper, with homes like Uig Lodge selling for $130 million (Scott Farquhar) and Fairwater fetching up to $100 million (Mike Cannon-Brookes). Even John Symond listed his Point Piper home recently for a whopping sum of $200 million, although he hasn’t secured any buyers yet. 
 
Recent reports suggest homeowners are gaining confidence about listing their properties on the market, with figures showing 40 percent more homes available than there were just 12 months ago. According to the PropTrack listings report, April saw the strongest new listings since 2021, with an increase of up to 40.4 percent across all capital cities. 
 
PropTrack’s economic research director, Cameron Kusher, stated that Sydney and Melbourne continue to be the strongest markets. He added, “Although home prices have remained buoyant in early 2024, the surge in new listings has seen the total number of properties advertised for sale mount.” 
 
Despite this increase in available property sales, other indicators reveal that buyer demand remains strong; the median time on the market is declining, and overall inquiries are rising compared to a year ago. 
 
Kusher believes there are multiple factors encouraging people to sell their properties: cost of living pressures forcing some people to sell; rapid increases in property prices prompting others to cash in on equity or upgrades; and increased costs associated with renovations, making selling more attractive than renovating. 
 
As it stands today, Rockleigh's staggering sale price reflects not only its unique location but also an ongoing trend within Australia's thriving real estate market where homeowners become overnight millionaires due to skyrocketing property values.


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