A young man from Melbourne is making big fortune in real estate. According to Domain, 32-year-old Tim Gurner made $10 million in one hour from selling several luxury apartments in a Melbourne development.
Last Thursday, buyers quickly snapped up off the plan all six penthouses from Gurner's premium development on 74 Eastern Road, near Albert Park Lake, in South Melbourne, giving the young developer a total of $10.75 million instantly. One of the penthouse buyers also happens to own a penthouse in Gurner's Flatiron building in Fortitude Valley in Brisbane. Now he is preparing to inaugurate the remaining lower level apartments with 65 more units.
Speaking about his buyers, Gurner said, "They don't know if they will use it or not - that was probably the only one that wasn't for an owner-occupier."
According to the real estate listing website, Gurner has splurged $1 million for the display suite that was designed by David Hicks, the interior designer for high-end properties. He surely did have 10 times the investment with the recent sale of six penthouses alone. At just a little over 30, he has already created at $2 billion portfolio with his property development in several parts of Melbourne and Brisbane. Gurner's next target in the next four to five weeks is the Queens Parade apartments for which he plans to secure a permit before the year ends.
Tim Gurner is only one of the few young men who choose to grow their financial wealth more than anything else. Another man, who is also into real estate for big returns is Andrew Morello who already has nine properties and counting in his portfolio at the age of 29. And as previously reported, he has released an e-book, The Morello Matrix, an e-book guide to property investment, which aims to guide individuals when it comes to property investment.
