20 Collins St, St Albans, sold for $1.281 million at auction.
A couple has flown over from Vietnam to snap up a worn 1950s St Albans house — for $311,000 above the reserve.
The three-bedroom pad at 20 Collins St attracted five bidders and fetched $1.281 million in its first ever sale.
The 622sq m property had belonged to the same owners since it was built, and only hit the market after they died.
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Inside the dated house.
The property sold $311,000 above reserve.
The epic 40-minute auction started at $700,000, crawled to the $970,000 reserve, and then took off. When the hammer came down, 60 bids had been placed.
Ray White St Albans director Shaun Marijanovic said the buyers were based in Vietnam, but had connections to St Albans. They’d been keen to get a foothold on Collins St — one of the suburb’s most desirable stretches, being close to the shopping village.
“Properties hardly ever come on to the market here. When they do, they’re highly sought-after,” he said.
The buyers planned to rent out the property for now.
The property’s prime position was a key selling point.
The buyers considered the purchase an investment “for their kids”, Mr Marijanovic said.
They would rent out the abode for now and potentially replace it with a house or units.
The agent said “special” properties in prime positions were still going gangbusters in an otherwise cooling St Albans market.
A four-bedroom house on 590sq m at 73 Alfrieda St recently smashed its reserve by $620,000 to fetch a suburb record price $2.52 million.