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This was published 2 years ago
The eastern suburbs homeowners making millions each year in capital gain
By Lucy Macken
Julina Lim, matriarch of the Oceania Property development family, has sold her Vaucluse home for about $27 million, making her $2 million richer for every year that she owned it.
The four-level residence on prized Queens Avenue last traded in 2015 when it was sold for $12.85 million by former investment banker and venture capitalist John Grant.
The sale is just the latest of a few high-end eastern suburbs homes that have made annual jumps in value of more than $2 million in recent years as strong buyer demand outstrips an acute shortage of ultra-prestige homes for sale.
D’Leanne Lewis, of Laing+Simmons Double Bay, and Sotheby’s Walter Antonelli declined to comment on the sale result, but Antonelli confirmed the sale on Tuesday and the rumoured $27 million result comes close to the $30 million guide.
At the time Lim purchased it in 2015 it had languished on the market for two years and was discounted from initial hopes of $16 million by Grant, who had downsized to his penthouse in Rose Bay’s Wintergarden waterfront block.
The five-bedroom house looks largely unimproved during Lim’s seven years of ownership, and is set on just 373 square metres with a six-car garage, home theatre, formal living rooms and a rooftop terrace.
Another recently sold Vaucluse house on nearby Carrara Road showed an even more significant jump in value when it sold recently for about $26 million, more than double what it traded for in 2020.
The five-bedroom house is owned in a company name directed by Kingland Mining director Meihong Yang, a business associate of gold mining businessman John Li, and was purchased for $10.9 million two years ago, a loss for the owner at the time who had purchased it in 2019 for $11.8 million.
There have been no material improvements to the house in recent years, but in January Woollahra Council approved a DA to demolish the house to build a three-level residence with basement garaging and a pool at a cost of $2.9 million.
Meanwhile, the Bellevue Hill house of William Wenhao Wu, a director of his family’s property group Mayrin Property, that he bought in early 2020 for $11.08 million, has been sold by BlackDiamondz’ Monika Tu for $17.5 million, making him more than $3 million for each year he owned it.
The two-level residence had been renovated during Wu’s brief ownership, and was listed for $16 million a year ago but failed to sell at auction.
The Vaucluse median house price soared 32.4 per cent last year to $7.15 million, closely followed by a 24.5 per cent jump in Bellevue Hill’s median to $7.27 million, according to Domain figures.