This house sold for $500,000 more in just three months

An unassuming three-bedroom house in North Ryde has sold for almost $500,000 more than when it last sold three months ago.

The 582 square metre block at 27 Numa Road, sold just days before Christmas last year for $2,125,000, with a three-month settlement.

No sooner than two weeks after settling on the property, the vendor – a developer builder – re-sold it, this time off market, for a tidy sum of $2,620,000 to a fellow developer builder, making a paper profit of $495,000.

You would be forgiven for thinking a major renovation or improvement had been made to the home, but apart from a pending development application for a duplex, it had remained untouched.

Belle Property Ryde selling agent Alex Macri said he matched the vendor with the successful buyer, who had missed out on multiple properties at auctions.

“The seller was planning on developing the site, but decided the market is still great and if there were any buyers considering to secure the property off market he would sell it,” Mr Macri said. “But if the price was not at his expectation he would just build the project.”

Well, the price was right in the end, and while the complying development certificate – a stringent but fast-tracked development approval – is yet to be finalised, the new buyer was satisfied to proceed with the purchase, Mr Macri said.