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Median house price of Double Bay (Time Series Chart) - 900% Return on property in Double bay

Discussion in 'General Property Chat' started by neK, 18th Oct, 2016.

  1. neK

    neK Well-Known Member

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    Stumbled across this article today
    Sydney owner makes 900 per cent return in a decade

    In a nutshell, purchased for $475,000 in 2004.
    Sold for $4.61m in Oct 2016.

    Whichever way you look at, its an unbelievable return.
    I purchased my 1st property just before 2004 for a similar price. Sure its gone up in value, but nowhere to close to $4.61m.

    I am curious though whether $475k in 2004 reflected the median house price
    I can get as far as 2007 (Double Bay Property Market, House Prices & Suburb Profile).
    And based on that chart, the median was 1.65m in 2008.

    From what I remember, from 2004 to 2008, there was actually a small decline in value for most Sydney property, so seeing $475k in double bay for a 582sqm block does make me wonder the validity of the story itself (and I will not deny, I am super jealous that i didnt buy at that price in Double Bay back then :D)
     
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  2. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    How the f**k !!! did they purchase a 5 bedroom house in the exclusive Double Bay for $475,000 in 2004 ???
    That was basically the peak of the last Sydney boom, so something does not look right here at all.
    We also paid the same price at the same time for a derelict piece of crap in the Sutherland Shire as a PPOR as it was all we could afford at the time, and we were living in the Eastern Suburbs at the time.
    I'm guessing the true price of this property would have been in more like 1.5-1.8mil at the time.
    Seems like a bit of BS, because this does not represent a typical scenario.
     
    Last edited: 18th Oct, 2016
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  3. Big Will

    Big Will Well-Known Member

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    maybe it was a sale to family member ;)
     
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  4. Daniel007

    Daniel007 Well-Known Member

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    This is a shocking piece of journalism, look at the previous owner....

    [​IMG]
     
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  5. Ashby

    Ashby Member

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    2004 Land Value = $1,225,000
    2015 Land Value = $2,310,000
     
  6. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    This story is all messed up, the opening line is:
    Doctors Andrew Hardy and Alex Bereny cashed in on the hot Sydney market, selling the Double Bay property that housed their practice for 40 years, for $4.61 million on Monday.
    Wasn't the story about achieving a 900% return in a decade?

    I think the reporter is on drugs.
     
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  7. daves88

    daves88 Member

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    What website/app is this? :)
     
  8. RetireRich101

    RetireRich101 Well-Known Member

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    it was sold $520,000 25/03/1993 , at least we see one registered owner "Hardy" on the title.
     
  9. Daniel007

    Daniel007 Well-Known Member

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    Redsquare
     
  10. Scott No Mates

    Scott No Mates Well-Known Member

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    Its a development site - where's the big news (probably rezoned in 2010 with the update of the LEP). What is so surprising about the outcome? (FWIW the price is very similar to others in the street which have sold in the last year or so as well).

    As for the previous sales price, possibly a related party transaction (doctors buying up the practice etc)
     
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  11. Ran Gus

    Ran Gus Well-Known Member

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    Now edited:
    Domain articles are pretty crap in general tbh. Clickbait headlines galore, no real substance.
     
  12. big max

    big max Well-Known Member

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    I nearly bought an absolutely beautiful house there for 410k back in 1996. Would be in the 4.5m range now. Regrets!
     
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  13. Player

    Player Well-Known Member

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    Why let the actual behind the scenes facts get in the way of a good story. :oops: The reporter is merely a datasphere puppet who must create sensationalist headlines. :cool:
     
  14. Cimbom

    Cimbom Well-Known Member

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    I've only been in Sydney for three months and knew that story was fishy as soon as I saw it
     
  15. househuntn

    househuntn Well-Known Member

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    Of course, amend the article after clickbaiting many people...

    "
    Correction:

    An earlier version of the story indicated the original price of 16 Manning Road was $475,000 in 2004. That was incorrect as the home has not traded since it was built 40 years. The $475,000 “sale” refers to a partial buyout of a co-owner at the time. "