Swimmer James Magnussen pulls Ryde investment from auction

Nothing is going quite right for James Magnussen with his timing.

The champion swimmer pulled his Ryde investment from its scheduled auction last weekend when he was in Adelaide competing for a spot for Rio 2016.

The apartment has been pushed back to an April 23 auction, with apparently now a couple of contracts having been issued to prospective buyers.

Its price guide has dropped from $750,000-$800,000 to between $710,000 and $775,000.

Magnussen's performance at the Australian swimming championships after injury saw him fail to qualify for an individual swim in Rio after losing out in the 50 and 100 metre freestyle races.

He is still expected to be heading to Rio as part of the 4x100 metre relay team which will be decided before the deadline on May 31.

The Drummoyne based swimmer bought the apartment in original condition in the block of six and renovated the 88 sqm apartment, with the help of a builder mate, during his recovery from shoulder reconstruction surgery.

The total refurbishment, including a new open kitchen and bathroom, cost about $50,000.

There's still a likely profit as Magnussen Enterprises Pty Ltd paid $623,000 early last year for the three bedroom, 1960's red-brick walk up block unit.

The property failed at auction last November when the bidding started and ended at $740,000. 

Following the auction failure, the Gladstone Avenue unit was re-listed through John Paranchi of Hunters Hill McGrath who had the The Hired Home stylists furnish what was previously an empty space.

They suggest investors are likely to yield $650 weekly rental tenants.

Of the 500 plus auctions listed across Sydney last weekend, some 45 were pulled from auction.

Magnussen does have an eagle eye for a good property deal as he spent $935,000 in 2012 on his own Drummoyne flat which was seemingly well bought as it had traded at $910,000 some five years earlier in 2007.

Some recently retired swimmers have had mixed fortunes in the property market.

The former world record swimming champion Eamon Sullivan secured $1.8 million for his Surry Hills terrace - bought for $1.26 million in 2009 - following his move back to home town Perth.

Three time gold medalist Stephanie Rice too had no problems in securing a $1.28 million sale for her Paddington terrace just outside of Brisbane prior to auction.

But she only made a $20,000 profit from the property she paid $1.26 million for in 2009.

This article was first published in the Saturday Daily Telegraph.