PHOTO: Steve Smith and wife Dani Willis. FILE
Cricket legend Steve Smith has clinched a lucrative victory following a strategic move away from the sport, as his venture into property investment has recently paid off handsomely.
https://propertynoise.co.nz/au/cricketer-steve-smith-moves-his-vaucluse-auctio/
The renowned Australian batsman, known for his remarkable ability to score runs, has just pocketed a substantial sum of $2.75 million by successfully flipping a luxurious home in the fashionable beachside area of Bronte, Sydney.
According to property records, the lavish 4-bedroom, 3-bathroom residence on Gordon St was sold on Tuesday for an impressive $6.75 million. Smith, along with his wife Dani, had initially purchased the property in August 2019 for $3.505 million.
https://propertynoise.co.nz/au/inside-the-million-dollar-homes-of-australias-cricket-stars/
Despite the soaring property prices in Bronte, which witnessed an 11.5 percent increase over the past year according to PropTrack, the couple initially faced challenges in achieving their desired selling price. The median house price in Bronte stands at $5.8 million, reflecting a significant surge from $3.585 million in January 2020.
The Smiths invested $500,000 in renovating the property, which ultimately nearly doubled its original purchase price upon sale. They had to adjust their auction plans twice and revise their initial price guide of over $7 million.
The listing for the Gordon Pl residence was managed by Tanya Hatton and Frank Colacicco of Bentley, featuring a striking exterior painted in Dulux Vivid White.
$500k was spent on the renovation.
The Bronte home sold for almost double what it was bought for.
Since acquiring the property, Smith and his wife undertook extensive renovations, transforming it into a two-level residence boasting four bedrooms, three bathrooms, and a spacious open-plan living area overlooking a pool and cabana. The development application indicated an estimated cost of $495,000 for the renovations, as per documents submitted to Waverley Council by Daniel Sutton at Precision Planning.
One of the four bedrooms.
Smith and his wife Dani are becoming house-flipping veterans.
Smith in action for Australia earlier this month. Picture: Getty
In addition to their Bronte property, the Smiths had previously sold their Vaucluse mansion for $12.38 million in July last year, nearly doubling the $6.6 million they had paid for it in 2020. The Kings Rd residence was transformed into a luxurious four-bedroom, three-bathroom dwelling by McKim Design.