Image Credit: Domain

‘$15 Million Profit In 5 Years’: Sydney House Sale Leaves Locals Stunned

Not a bad pay day...

A Bronte house sale in Sydney’s Eastern Suburbs has left locals shocked after it smashed the suburb’s record for most expensive house sold in the East. What’s more: it sold for an even higher price than first rumoured.

That’s right: even though there was talk of the place going for a record high of $18 million, it actually sold for almost $5.5 million more.

It was sold to blockchain start-up co-founders Joanne Way Yee Huynh and Dorjee Sun, who are returning from Singapore. The house had only been on the market for a week (with an $18 million price guide) before they snapped it up for $23.3 million – a house record for the Eastern Beaches.

Image Credit: Domain

This shocked some locals. Fine art beach photographer Eugene Tan, who has been shooting daily since 1999, wrote of the sale on Instagram: “Did you see a house just sold for 23 mil on Bronte Beach? Yeah, only a lazy 23 million. Property market is nuts. That’s a 15 million dollar profit in 5 years. You know the property market is hot when it features in my daily ramble.⁠”

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Of the couple that bought the house, Domain reports that Joanne Huynh “is well-established in Singapore’s start-up community as a co-founder of blockchain company Perlin, where she is in charge of strategy and finance.”

Domain added: “Husband Dorjee Sun is Perlin’s chief executive, and is the founder of Carbon Conservation, which works to tackle the problems of deforestation in Indonesia, as chronicled in the 2008 award-winning documentary, The Burning Season, narrated by Hugh Jackman.”

Of the record price, Domain adds: “The purchase by the returning expats tops Bronte’s $17.9 million record set last year by green energy entrepreneur Carl Prins.”

“The Eastern Beaches house price high was previously $22 million, set in June by the sale of the North Bondi home of interior designer Michalle Smith and architect Alex Smith to businesswoman Lenka Dransfield.”

Bathers enjoying Bronte Beach’s sea pool. Image Credit: Getty Images.

The $23.3 million Bronte home that just sold has five bedrooms and overlooks Bronte Marine Drive, opposite the surf break, comprising 485 square metres.

The previous owner of the house – a head of a private equity firm, who purchased it five years ago for $8.05 million – will presumably be contratulating himself on a nice pay day. According to Domain, “the deal translates to more than $48,000 per square metre.”

And, to think, we thought this $2.7 million Alexandria sale was pricy…

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