Darwin local Mitch Ward made a $500,000 profit by buying a Cullen Bay home while the market was stagnant and selling as home values and constructions cost were on the rise.

The 29-year-old bought a five-bedroom, dual-living home at 5 Cullen Bay Cres, Cullen Bay for $890,000 in January 2020.

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

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

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

“It was on my mind to flip the property and invest in the US share market, but I held on to it to collect rental income,” he said.

“I made a total renal income of $1200 per week while also living at the property.”

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