We bought our house for $325,000 and sold it for $80MILLION – but when you see the view, you’ll understand why

A modest Sydney home has made a staggering profit for its owners and turned them into multi-millionaires overnight – but it has one feature that is in high demand.

Medical specialist Philippa Harvey-Sutton inherited the Point Piper mansion, known as Rockleigh, from her mother Val Rundle in 2016, reports The Sydney Morning Herald.

It had been in the family since 1978, when it was purchased for a modest $325,000 and recently found a buyer who offered to pay between $80 million and $85 million.

The buyer remains a mystery, but the sale will allow Mrs Harvey-Sutton and her husband, retired lawyer Alistair Harvey-Sutton, to enjoy their golden years while downsizing for something more manageable.

In 1978 the average house price in Sydney was around $43,000, so even by those standards it was expensive – and the reason for this is that the houses have spectacular views over Sydney Harbour, which are rarer than ever in the red-hot real estate market of 2024.

This Sydney home sold for $80 million after being bought for $325,000 in 1978

The house (center left) is multi-level and extends towards the waters of Sydney Harbour

The house (center left) is multi-level and extends towards the waters of Sydney Harbour

Point Piper has some of the best (and most expensive) views in the country

Point Piper has some of the best (and most expensive) views in the country

Rockleigh was previously owned by publisher and politician Frederick Pratten, a Liberal and then a member of the Country Party.

The only house sales in Sydney that are more expensive than Rockleigh are all in Point Piper.

The highest amount is $130 million, paid by Atlassian’s Scott Farquhar for Uig Lodge.

While his Atlassian co-founder Mike Cannon-Brookes spent $100 million on nearby Fairwater.

John Symond recently put his Point Piper home up for sale for $200 million, but has yet to find a buyer.

Homeowners are becoming increasingly confident in marketing their properties. The latest figures show that there are 40 percent more homes available than twelve months ago.

The latest PropTrack listing report showed that the Australian property market saw the strongest new listings for the month of April since 2021.

The number of new listings increased by 40.4 percent year-on-year in all capitals.

Cameron Kusher, director of economic research at PropTrack, said while new quotes are higher in every capital city, Sydney and Melbourne are still the strongest markets.

“Looking at Sydney and Melbourne, the number of listings has been higher every month since July last year,” Mr Kusher said.

‘While house prices have remained high in early 2024, the surge in new listings has seen the total number of homes for sale rise, particularly in Sydney, Melbourne and Canberra.

“Despite the increase in the number of homes for sale, other indicators suggest buyer demand remains strong, including a decrease in average time on market and an increase in inquiries compared to a year ago.”

Mr Kusher said there was a “combination of things” that had prompted people to sell their properties.

“Certainly there are cost-of-living pressures that are forcing some people to sell, but I think there are other factors as well,” he said.

‘Real estate prices have risen sharply in a short time.

“Some people look at the equity they have in their property and use that to get into the market.

‘I think there are also other factors that have caused people to postpone selling and now find themselves in a house that no longer suits them.

‘It’s very expensive to do a major renovation of a property because material and trade costs have risen so much, so that’s encouraging people to move.’