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PerthNow reported on 21 November 2024 that Perth-area investor Graham Whitfield said he made more than $2 million in profit from flipping 25 homes over the previous three years, after leaving FIFO emergency-services work. The amount is his reported claim, not an independently audited result. His account describes a property-renovation business built around buying run-down homes, completing repairs and reselling them—not a guaranteed or typical return.
What prompted Whitfield to leave FIFO work?
According to PerthNow, the turning point came in 2021, when Whitfield’s Perth investment property was left badly damaged by long-term tenants. It needed a new kitchen and bathroom. He said, “Essentially, the only way to extract any value from the property was to do a renovation.” He spent $35,000 refurbishing it and sold it. The report presents that experience as the start of his move into property flipping.
How did his reported flipping approach work?
Finding properties
Whitfield told PerthNow that he mainly bought off-market, often looking for run-down houses or properties used by squatters. He described agents arranging private viewings for potential flippers before properties reached the open market. That is his account of how he sourced deals; it does not establish that off-market homes are generally accessible, cheaper or more profitable.
Renovating and reselling
He said he typically held a property for three or four months before putting it back on the market. He also said he built a contractor team that included electricians, tilers and painters. PerthNow reported that he had completed 25 flips in the three years covered by its profile and had started a coaching business for people interested in reselling property. These are descriptions of his reported experience, not a timetable or result other investors should expect.
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What does the Rockingham example show—and leave out?
PerthNow’s example gives three figures for a Rockingham property: a $420,000 purchase, $60,894 in renovations and a $678,500 sale. The sale price minus those two stated amounts is $197,606, but that is not established net profit. The example does not itemize acquisition costs, finance, holding expenses, selling costs, tax or other outlays, so the figures cannot show the deal’s final profit by themselves.
What can prospective flippers learn about the numbers?
Whitfield warned that inexperienced entrants can miscalculate a deal and fail to allow for contingencies. A resale estimate and renovation budget are only part of the calculation. A prudent assessment should also account for the purchase and transaction costs, borrowing and holding expenses, the full repair scope, a contingency for unexpected work, likely selling costs and applicable tax. These are analytical considerations, not a tested formula or a recommendation attributed to Whitfield.
Before committing, an investor needs a credible view of the finished property’s resale value and a realistic estimate of the time and cost required to get it there. If the numbers only work when the renovation stays on budget, the sale happens quickly or the resale price reaches an optimistic estimate, the margin may not withstand a setback. Whitfield put the broader point plainly: “There’s risk with all investment, and it’s no different.”
Do his results reflect the wider property market?
No single profile can establish that his results are typical. PerthNow’s November 2024 report summarized CoreLogic figures showing a record median nominal gain of $285,000 for Australian resales in the June quarter of 2024. It also said two-year resale profits had fallen after reaching 8.5 per cent in June 2023. These are national market-level figures as reported by PerthNow, not Whitfield’s returns or a Perth-specific forecast.
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The same article quoted Eliza Owen, then CoreLogic’s head of research, saying profitability varied across the national housing market and that Brisbane ranked as the most profitable market at that time. She said, “The profitability across Brisbane, Adelaide and Perth reflects strong capital growth trends in recent years, which is also contributing to lower hold periods for profit-making sales.” That November 2024 comment describes conditions at the time; it does not establish current market rankings.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What does the coaching business claim amount to?
PerthNow reported that Whitfield’s Facebook group for courses and learning had more than 36,000 members when the profile was published on 21 November 2024. That is a dated figure, not a current membership count, and it does not independently verify the reported profits or indicate what a course participant might earn.
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Red Mane’s website lists a Property Flipping & Coaching Programme and says its content is general information, not financial advice. The page recommends seeking independent financial, taxation and legal advice before making investment decisions. The reviewed information does not establish whether the programme has an affiliate or referral arrangement.
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