It’s the Sydney home that earnt more than the NRL’s best players.

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A quaint old shack in Sydney’s north with pink walls and a makeshift roof deck has just made its owners $2.84m in less than 18 months.

The owners paid $5.01m for the three-bedroom cottage in Raglan St, Mosman on Sydney’s north shore in August 2022 and sold it unchanged for $7.85m.

But while the 1920s cottage on 594sqm of land had no material alteration what the owners had achieved was DA approval for a new four-level home with views. Agent Jonathon De Brennan, of De Brennan Property, said the approval had meant a 57 per cent increase in the property’s value.

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“We had a number of interested parties, local, expats and foreign purchasers and it was the foreign purchasers who were at a stronger level,” he said.

Such was the state of the home, or the lack of interest in it, no inside images of the property were provided in marketing promotion for the home.

The images in this article were taken last year.

The new DA is for a contemporary home designed by Corben Architects just 250m from Balmoral Beach and in company with some of Sydney’s most affluent and tightly held homes. But of course, the new owners will now have to pay to build that new home.

That house earnt how much?!

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According to PropTrack the median house price in Mosman is $5.4m. That’s up 10.2 per cent over the past 12 months.

The sale is the latest in a run of heightened foreign purchases in Mosman, said Jonathon who is seeing nervous and unsettled Asian buyers with between $10m and $15m to spend looking for property in the area.

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The house earnt $2.84m in 603 days. About the same as NRL superstars Nathan Cleary.

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Foreign buyers were also chasing his other recent big ticket sale. Number 18 Mistral Ave sold for around $11m this week, the first double-digit sale of the month in Mosman. The five-bedroom home that was built in 2012 was listed late last year with a $10m guide and although foreign buyers were interested in the home it sold to a local family.

“In the last month there has been a significant rise in foreign purchasers concerned by their own country’s economy and political situation,” he said.

All up the home earned $2.84m over the 603 days between the two sales. That’s around $4710 per day and $1,719,150. More than the NRL’s leading earners Nathan Cleary ($1.3m per year) and Kalyn Ponga ($1.4m per year, according to The Daily Telegraph’s NRL rich list.

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