Sydney’s soaring house prices: Homeowner turns a tidy million-dollar profit in exactly one year

Experts says it’s not about time in the market but timing the market – and that couldn’t be more true for a Sydney seller that has turned a $1 million profit in a year. Here’s how they did it.

Sydney is no doubt experiencing a sellers’ market, but one vendor has reaped the greatest real estate reward, by pocketing just shy of $1 million in exactly one year.

On March 20, 2020 a two-bedroom house at 14 Cross St, Pymble sold at auction for $1.88 million.

RELATED: 54 suburbs around Australia that have broken the $1 million barrier

Buyer’s cheeky 99 cent bid snatches house

Photos of mum’s home makes her $23k a post

By March 21 this year, the same home fetched $2.76 million under the hammer – an increase of 46.8 per cent.

A $1 million profit in exactly one year – this Pymble property was popular under the hammer. Picture: Supplied

“It’s an incredible story. We weren’t expecting that price and the fact that it happened in pretty much a year to the day is amazing,” said selling agent, Craig Marshall of Marshall Chan Yahl North Shore.

Mr Marshall said the stars had aligned perfectly for the seller.

“The home was sold at the end of March last year and I remember that it was the exact week that COVID restrictions really started to clamp down in Australia. At that point I think people were so unsure of where the market would head. I think he bought it just at that very low point of uncertainty,” he said.

The kitchen at 14 Cross St, Pymble when it was listed in 2020. Picture: Supplied

A lick of paint changed the Cross St kitchen slightly by 2021. Picture: Supplied

In March 2020, AMP Capital’s chief economist Shane Oliver predicted Sydney house prices could plunge by as much as 20 per cent.

“Right now on the North Shore I think you could say that property prices have gone up 20 or even 30 per cent,” Mr Marshall said.

“Nothing has changed with the property, they just updated the laundry a bit by adding in a shower which made it a two-bathroom home,” he added.

The double brick home on Cross St sits on a 835sq m block with a 18.3m frontage. When comparing the 2020 and 2021 marketing photos, the only obvious difference is a change in interior paint colours.

Mr Marshall said while the seller made an extremely tidy profit in a short period of time, making the most of skyrocketing Sydney prices wasn’t his motivation for selling up within just 12 months.

The lounge room for the Pymble home in 2020. Picture: Supplied

By 2021 the lounge room had a more neutral palette. Picture: Supplied

“They had wanted to rebuild and expand the home, but they actually ended up buying another property in the same suburb which catered more to their family,” he explained.

Although Mr Marshall had expected the Cross St residence to sell within 10 to 20 per cent more this time around, he said 16 keen registered bidders pushed the final price beyond expectations.

“We had quoted a $2.1 million bidding guide, but it just went way past that. Almost $1 million in 12 months – how could you expect that?” he said.

According to realestate.com.au data the median house price in Pymble is currently $2.6 million, up from $2.31 million in early 2020.

Pymble hit a new price high when this seven-bedroom mansion on Lonsdale Ave sold for $9.75 million Picture: Supplied

The Upper North Shore suburb has been a prestige pocket commanding high prices for several years due to its proximity to both highly sought after public and private schools.

In November 2020, a new suburb record was hit for Pymble when a seven-bedroom trophy home on Lonsdale Ave, sold for $9.875 million.