How this undeveloped block of land earned $4,000 a week over the past three years, easily outstripping the average weekly wage
- A plot of land has earnt $4,000 a week over three years
- Its owner Rob Spadaccini sold the Perth land last year
- The renowned builder made a $620,000 profit on it
A plot of dirt has earnt a whopping $4,000 a week – more than double the average weekly wage – after it sat idle for three years in a prestigious beachside location.
The 974 square-metre block of land on Chipping Rd in Perth’s ritzy City Beach made $620,000 for its owner, renowned builder Rob Spadaccini.
He bought the land ‘on a whim’ for $3.18million in 2019 and had approved plans to construct a 1,082sq m home with garages for 10 cars.
But he ended up selling the undeveloped land – with its 180-degree ocean views – for $3.8million last year for a cool $620,000 profit, the West Australian reported.
The windfall equals to almost $4,000 per week of income over the three years.
The 974 square-metre block of land on Chipping Rd in Perth’s ritzy City Beach (pictured) made $620,000 for its owner, renowned builder Rob Spadaccini
Mr Spadaccini bought the land for $3.18million with its 180-degree ocean views in 2019 and had a plan to construct a 1,082sq m home with a garage for 10 cars on it (pictured, a view from the property)
But Mr Spadaccini (pictured, with his wife Maria) ended up selling the undeveloped land for $3.8million last year making a cool $620,000 profit
Mr Spadaccini bought the property in 2019 with hopes to cash in on the promising potential of the seaside location (pictured) – which cannot be built out
The home builder let it go after deciding to live closer to friends and family in the northern coastal suburbs (pictured, another view from the land)
The award-winning builder heads up Spadaccini Homes, which he founded in 1997 to constructs upmarket homes.
Mr Spadaccini bought the property with hopes to cash in on the promising potential of the seaside location – which cannot be built out.
But he let it go after deciding to live closer to friends and family in the northern coastal suburbs.
‘I bought it on a bit of a whim,’ Mr Spadaccini said.
‘As a developer, you often make your money on the land,’ he said. ‘Money is also tied up in the house as well, so if you get the right combination, it is a great investment.’
City Beach has grown in home sales prices in the last 10 years with blocks of land averaging at $2.76million – a massive increase of 61 per cent over last year’s $1.76million average.
Read more at DailyMail.co.uk