How this real estate investor made $500,000 in just five years – realestate.com.au

Mitch Ward, a local Darwin resident, made a $500,000 profit buying a house in Cullen Bay as the market stagnated and sales as the house’s value and construction costs rose.

The 29-year-old bought a five-bedroom, two-family house at 5 Cullen Bay Cres, Cullen Bay, in January 2020 for $890,000.

“For that price I couldn’t pass it up,” he says.

“It was a five-bedroom, four-bathroom house with a six-car garage, perched on the top of a hill in Darwin’s most superior suburb.”

Mr Ward was 23 when he bought the property and worked in the oil and gas industry.

“I thought about flipping the property and investing in the US stock market, but I held on to it to collect rental income,” he said.

“I earned a total kidney income of $1,200 per week while also living in the property.”

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Darwin property investor Mitch Ward. Image: supplied

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Mr Ward decided to test the market in 2023 and listed the house to see what selling price it could fetch.

“I never really wanted to sell, so I put a higher than market value on the property and figured if it sold, it sold,” he said.

“Thanks to my agent, Rick Trippe, as he was the only one who agreed to the sale price and listed it for almost two years.

“Someone finally offered me what I wanted, so I decided to sell.”

The property sold in December 2024 for $1.4 million.

Mr Ward said he continued to see good value in Darwin’s prestigious property market.

“You could say the market is undervalued because of the high cost of building a new property at the moment,” he said.

“I think you also get bigger profits from luxury real estate.

“If you buy around $500,000 you might sell for $650,000, but if you buy around $1 – $2 million you might sell for $2.5 – $3 million.”