Singe-level weatherboard home in Sydney gains $500,000 in value in just months
A single-level home in Sydney's north has increased in value by a whopping $500,000, after it sold for the second time in less than a year.
The weatherboard cottage, located in Balgowlah on Sydney's northern beaches, was first sold in November 2022 for $1.7 million.
After it hit the market again, newly renovated, the three-bedroom and one bathroom home sold for a cool $2.2 million merely nine months after it was last snapped up.
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Domain/ The Agency
The house prior to the renovation in November 2022. Domain/ The Agency
This time around, the house was on the market for just four days.
Jake Rowe of real estate firm The Agency said the property was still "probably underpriced".
Asked why buyers were so interested in this particular home, Rowe said families don't have much to choose from.
"(There's) strong demand for family homes on large blocks below $2 million," Rowe told The Australian Financial Review
"It's a very basic weatherboard family home, an entry-level home for the northern beaches.
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The previous buyers spent just $80,000 renovating the home before it was resold with an incredible profit. Domain/The Agency Northern Beaches
3 Myrtle Street, North Balgowlah NSW 2093. Domain/ The Agency
"I've got apartments on sale in Manly for $3 million to $5 million, and they're slow.
"But at this the end of the market there are lots and lots of families all looking for homes, and they haven't had much to choose from."
The previous buyers spent just $80,000 renovating the home before it was resold with an incredible profit.
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