Vaucluse house resold after one year for $15m, making a $12,225 capital gain each day

The grand Vaucluse residence sold by the British Foreign Office a year ago for $10.66 million was resold on Friday for more than $15 million, a capital gain of $12,225 every day.

The five-bedroom, five-bathroom house was purchased on July 7 last year by Jia Sanhui, the wife of Chet Qiang, head of Chinese-backed property development giant Vic Investments Group.

It settled in her name on August 18, and last Friday, was returned to the market by Sotheby’s Michael Pallier and Spencer Liang Sun.

Pallier confirmed it sold for more than the $15 million guide.

There were no material improvements to the house since it last sold, but the $10.66 million purchase would have included $683,000 in stamp duty, after which it offered a capital gain of $3.657 million.

Sydney’s bullish high-end market is outperforming even the booming housing market, in which the broader median house price across Sydney hit a record high of $1,410,133 in the June quarter, rising at a pace of about $1175 per day.

“The market is the best it has ever been because money is cheap and there’s not much housing on offer, but also there are plenty of buyers around with time on their hands to look at upgrading,” Mr Pallier said.

“There is also a sense that once this lockdown ends, prices will surge again as confidence moves back into the market and business picks up again.”

The Vaucluse house was built in 1937 across a double block of 1500 square metres for then NSW Chief Justice Sir Frederick Jordan and his wife Lady Jordan to a design by architect John Drummond.

The British Government bought it in 1972 for $405,000, and it was most recently home to the consul-general Michael Ward until it sold last year.

Jia is expected to remain in the eastern suburbs, given she also purchased the modernist Point Piper residence designed by the late architect Anatol Kagan from race car driver and developer Ash Samadi in March for $15 million.

Jia sold her family home in Mosman’s Clifton Gardens in May for $8.25 million, which also returned a capital gain on the $5.85 million she bought it for six years earlier.