27 yo. to retire at 40 with 26 properties, page-55

A greek mate of mine managed to sell his three bedroom apartment in Maroubra Sydney last night at auction, sold for 615K, bought in 2008 for 390K. This is a good outcome from pretty much the strongest area of Sydney property wise.

He reckons he might have got 650k sometime last year but was happy to book the profit. This is the same guy who sold his wife's three bed house in brisbane that I have mentioned before, where although they still made a profit, took 430k, but had been offered around 580k early 2011.

His greek father in law who has had a large portfolio of properties in brisbane, but has recently unloaded most of these, advised him to take what he could get for the brisbane one, as the chances of price growth were limited. The proceeds of both will now pay off the loan he took to buy their new family house in Matraville, which they bought last year.

If you compare maroubra to other parts of sydney I'm keeping an eye on, it shows much better price growth and strength than say the north shore and upper north shore, which in most cases is back to 2002 levels in real terms.

He figures that they may invest in property again one day but when some more value appears.