She has been known as Charlene from Neighbours and “The Singing Budgie”, but now Kylie Minogue can claim the title of savvy real estate investor after selling her Armadale property for $1.715 million and making a massive $1.53 million paper profit.
The 53-year-old, one of the highest-selling Australian female artists of all time, bought the property at 25 Cambridge Street in 1990, paying just $185,000 at the time, records show.
Inside 25 Cambridge Street, Armadale. Photo: Jellis Craig Boroondara
Jellis Craig Boroondara director and auctioneer Campbell Ward would not comment on the quiet February sale of the two-bedroom, Victorian-style property, only saying the vendor had owned the property for some time.
It’s understood the home had been used as an investment and was tenanted over the years. Minogue did not live there, though she did grow up in the neighbourhood, with one of her former family homes sitting nearby in Camberwell.
The stylish Armadale home features polished floorboards and a neutral colour palette. There is a paved outdoor area perfect for post-COVID-19 gatherings and celebrations.
The paved outdoor area. Photo: Jellis Craig Boroondara
Minogue sold the house as Melbourne’s property market has been running hot. Homes have been selling well above reserve prices at auctions, despite the city enduring six coronavirus-related lockdowns since the start of last year.
In Armadale, house prices have soared by 24.7 per cent over the past five years. The median house price in the inner-city suburb is $2.52 million, Domain data shows, while the median rent for a house is $698 per week.
Minogue has had a string of hits since the 1980s, starting her musical career with record company Mushroom and producers Stock Aitken Waterman.
Her debut hit, Locomotion, topped the Australian charts for seven weeks and her most recent album, Disco, was released last year.
Kylie Minogue’s latest album, Disco. Photo: Supplied
Minogue’s successful music career has seen her travel the globe. She currently lives in one of London’s most exclusive apartment buildings, One Hyde Park.
She reportedly owns a penthouse there, worth an estimated $33.8 million.
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