Centennial Park flipper buys house for $6.5m, sells six months later for $8.2m

Centennial Park’s house values are clearly soaring beyond even the bullish standards of 2021 Sydney, judging by this week’s resale of a house that jumped in value by $1.7 million in just six months.

A company solely owned by Jo-Ann De Lorenzo, daughter of the late haircare tycoon Vincent De Lorenzo, purchased the four-bedroom house on prized Lang Road for $6.5 million just days before it was scheduled to go to auction last November.

At the time it was listed with a guide of $6.5 million by McGrath’s Benjamin Goodwin, and records show it settled to De Lorenzo’s interests in March.

Just 12 weeks after De Lorenzo took possession of the property it has resold for more than $8.2 million through Raine & Horne Double Bay’s Chris Helich.

Even after stamp duty of $393,000 is counted into the cost, the house made $108,000 for every week De Lorenzo owned it if she settled on the resale now.

Helich declined to comment for this story, so it will be left to settlement to reveal the exact sale price and buyer.

The house, with dated interiors, was described in marketing as a “family manor of grandeur, prestige and potential” or, more succinctly by local property watchers, as the worst house on the best street.

It is set on 818 square metres, next door to the Federation mansion Braelin, which was sold by techie Mike Cannon-Brookes in 2018 for $16.5 million to prominent art patrons Dr Gene and Brian Sherman. That sale, by The Agency’s Ben Collier, remains the suburb’s highest.

De Lorenzo’s parkside house sale comes as an Edwardian-style mansion with a tennis court and pool on 1500 square metres two doors away has sold for $12 million to Pacific Road Capital chief financial officer Adrian Martin and his wife Karen, the daughter of former Macquarie chief Tony Berg.

Domain data shows the luxury eastern suburbs housing market has risen 5.3 per cent in the 12 months to March to a median house price of $3.605 million.