We bought our house for $325,000 and sold it for $80MILLION – but when you see the view, you’ll understand why

An unassuming house in Sydney has made it’s owners a staggering profit and turned them into multi-millionaires overnight – but it has one feature that is in very high demand. 

Medical specialist Philippa Harvey-Sutton inherited the Point Piper mansion, known as Rockleigh, from her mother Val Rundle in 2016, reports The Sydney Morning Herald.

It had been in the family since 1978 when it was purchased for a modest $325,000 and recently found a buyer who offered to pay between $80million and $85million.

The buyer remains a mystery but the sale will allow Ms Harvey-Sutton and her husband retired lawyer Alistair Harvey-Sutton to enjoy their golden years as they downsize for something more manageable.

In 1978 Sydney’s median house price was about $43,000 so even by those standards it was expensive – and the reason is the houses spectacular views over Sydney Harbour which are rare than ever in 2024’s red hot property market.

This Sydney home has sold for $80million after it was bought in 1978 for $325,000

The house (centre left) is on multiple levels spanning towards the waters of Sydney Harbour

The house (centre left) is on multiple levels spanning towards the waters of Sydney Harbour

Point Piper has some of the best - and most expensive - views in the country

 Point Piper has some of the best – and most expensive – views in the country

Rockleigh was previously owned by publisher and politician Frederick Pratten, a Liberal and then Country Party member.

The only house sales in Sydney more expensive than Rockleigh are all in Point Piper.

The highest is $130 million paid by Atlassian’s Scott Farquhar for Uig Lodge.

While his Atlassian co-founder Mike Cannon-Brookes spent $100million on nearby Fairwater.

John Symond recently listed his Point Piper home for $200million though is yet to find a buyer. 

Homeowners are becoming more confident about putting their properties on the market, with the latest figures showing 40 per cent more homes available than there were 12 months ago.

The latest PropTrack listings report revealed the Aussie property market saw the strongest new listings for the month of April since 2021.

New listings were up 40.4 per cent year-on-year across all capital cities.

PropTrack economic research director Cameron Kusher said while there are new listings higher in each capital city, Sydney and Melbourne continued to be the strongest markets.

‘If we look in Sydney and Melbourne, the number of listings has been higher year-on-year every single month since July last year,’ Mr Kusher said.

‘Although home prices have remained buoyant in early 2024, the surge in new listings has seen the total number of properties advertised for sale mount, particularly in Sydney, Melbourne and Canberra.

‘Despite the increase in properties available for sale, other indicators signal that buyer demand remains strong such as median time on market declining and overall enquiries rising compared to a year ago.’

Mr Kusher said there was a ‘combination of things’ that had encouraged people to look at selling their properties.

‘Certainly, there’s a cost of living pressure that is forcing some people to sell, but equally, I think there’s other factors,’ he said.

‘Property prices have increased a lot in a short period of time.

‘Some people are looking at the level of equity they have in their property and using that to upgrade in the market.

‘I think also there’s other factors that people have been delaying selling and they’re in a home now that no longer fits them.

‘It’s very expensive to do a major renovation to a property because material and trade costs have gone up so much, so that’s encouraging people to move.’

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