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16yo sells her Sydney student accommodation for $15m

Newshub logoNewshub 6/08/2019 Sophie Bateman
a house with a large pool of water © Provided by MediaWorks NZ Limited

A new multi-million dollar listing on the Sydney property market was last owned by a 16-year-old schoolgirl.

'Springfields' in the wealthy north shore suburb of Warrawee is a 4600sqm estate with seven bedrooms, a wine cellar, a swimming pool and a tennis court.

Built almost 30 years ago by Mazda car dealer John Newell and his wife, the English-style mansion was sold in 2017 - to the teenage daughter of a prominent Chinese businessman.

Shuxin Xiao made Australian headlines for her craftily-timed purchase, buying Springfields for AUD$12m (NZ$12.4m) the day before state laws doubling the surcharge for foreign buyers came into effect. 

The move saved her an additional AUD$480,000 (NZ$49,700).

Two years on, Xiao is selling the property for AUD$15m (NZ$15.5m), a price expected to set a new sales record for Warrawee. Real estate website Domain says the student intends to "downsize" from her lavish abode. 

A local real estate agent says it's a common practice for non-Australian families who want to buy an investment property.

"It works well for a lot of overseas students coming to study locally," Lynette Malcolm of Chadwick Real Estate told Channel 7. "Often they are the only one in the family who can legally purchase a property."

Springfields has reportedly already received multiple offers from both local and international buyers.

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