Popular Greek-Australian restaurateur Peter Papas has helped himself to a very tasty $3.63m profit on his Mosman house after just two years.
The longtime Mosman resident and owner of Kazzi Beach eateries in Mosman and Manly bought a tri-level waterfront at 57 Parriwi Rd in November 2021 for $9.37m and sold it this month via Jonathon De Brennan, of De Brennan Property for a very impressive $13m in a hot trophy home market.
That’s a 40 per cent increase in two years.
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Passionate cook Peter replaced the kitchen in the four-bedroom home above Chinaman’s Beach but otherwise the house is the same as when he bought it two years ago. He is downsizing and staying in the suburb he has called home for more than 20 years and is one of several top tier property owners who have made millions selling their prestige homes this month.
De Brennan said the low Australian dollar has attracted expats and foreign buyers to the top of the market and more prestige Mosman homes have sold this month than any other month this year.
Meanwhile, Bernard Ryan, of Ray White Lower North Shore, said with travel restrictions lifted in China, many more families from the mainland were purchasing.
They were not impacted by rising interest rates and trophy homes on Sydney’s lower north shore were on their radar.
Industry sources reveal that 39a Parriwi Rd has just sold for $14.25m, 70 per cent up on its $8.5m sale four years ago.
And a five-bedroom Balmoral house, 5 Little St, which traded in March 2016 for $5.3m has just changed hands again this time for $13.5m.
Also, a six-bedroom house in Wyong Rd sold early in November for between $12m and $15m.
Originally published as Restaurateur Peter Papas makes tasty 40 per cent profit in two years
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