Chinese buyer who paid $5.45m for a house in June just resold for $6 million

A buyer from China who bought the historic Federation property in Killara, Poitiers, for $5.45 million has resold it after six months for more than $6 million.

It was a Foreign Investment Review Board-approved purchase for Hongjuan Li, who took possession of the property in June after it was sold by the family of former Wallaby captain Stirling Mortlock.

But the more than $550,000 capital gain on the resale is expected to be a windfall for the state government’s coffers after various taxes and duties are accounted for on the purchase.

“The main beneficiary would be Premier Gladys Berejiklian because by the time the vendor accounts for capital gains tax, stamp duty, agents fees, and a FIRB application fee there isn’t much left after the sale,” said selling agent Glenn Curran, who has sold the property twice this year.

A local family who was left as the underbidder on the property when it exchanged earlier this year was the successful buyer this time around, say local sources.

Mr Curran, now at McGrath, said the vendor had relisted the home when it became apparent the historic property would require restoration and maintenance.

Set on dress-circle Springdale Road, Poitiers was the long-time home of two Australian sporting greats, most recently former Wallaby captain Stirling Mortlock.

Mortlock’s parents, lawyer Patricia Mortlock and insurance broker John Mortlock bought it in 1977 for $127,000, only a week before the rugby union legend was born.

At the time, it was sold by Ruth Oldfield, the widow of Test cricketer Bert Oldfield, who was known as one of Australia’s best wicketkeepers.

​The Oldfields had owned it for 47 years, and reportedly moved to their Clareville holiday home during World War II to allow refugees to stay at their Killara home.

It remains unknown if Li plans to buy another residence in Sydney or make more use of the three-bedroom apartment in Chatswood’s Metro Grand building bought two years ago for $3.25 million.