$340K gain

[redwing]

Paint and repair job on unit nets $340K gain for couple

Mick Brumley’s quick paint-and-repair job of a Gold Coast unit block has earned him an astonishing $340,000 gain — in 13 months.

The former plumber was forced to sell his Gold Coast retirement home after the debilitating disease made him rethink his life.

Mr Brumley and his wife Jenny bought the property for $770,000 in May last year and sold it for an incredible $1.11 million last week.

The sale price means it increased in value by more than $26,000 for each month they owned it.

 

[roe]

Nice - and awesome timing

 

[tess85]

Good on them, but I'd say they put in a lot of work, not just a "quick" paint-and-repair job like the newspaper is saying. Hats off to them

 

[Hodge]

Tax man would be laughing!

 

[westminster]

It took them a year of significant work with free labour from all the family and they had experience doing it.

I don't think it's that fantastic but still a good result.

Seems it's a block of flats so I don't know how many it is. If it was 10 flats and they spent $5k each (new kitchens and paint) and turned that into a $34k increase for each then it's nothing to sneeze at but also could be attributed to growth in the area as well.