Property Owner Makes $200,000 profit in just 2 years On His One-Bedroom Sydney Apartment

A Sydney property owner has made a staggering $200,000 profit on his one-bedroom apartment in Randwick, after it was auctioned off on Saturday.

The property was bought off-the-plan for $525,000 two years ago and ended up selling for $758,000, reported The Daily Telegraph.

Bidding on the property, located at 3/201 Barker Street in Randwick, opened at $700,000 and rose in $10,000 increments before slowing down in $5000 lot

Selling agent Dean Efrossynis of Laing + Simmons Kingsford said the buyer was an investor.

‘We sold it right on the reserve,’ he said.

The one-storey, one-bedroom apartment is in an attractive location, opposite the Prince of Wales Hospital and close to the University of NSW.

As well as an all-weather entertaining terrace, the apartment features secure parking and storage, an over-sized bedroom, intercom and lift access and a landscaped communal garden.

According to CoreLogic RP Data, the median price for an apartment in Randwick has increased by 28.7 per cent in the last three years to $790,000.

The apartment is in an attractive location, opposite the Prince of Wales Hospital and close to the University of NSW