A FAMILY has paid $470,000 for an unfinished renovation project to house their son during his uni days.
Barry Plant, Highton agent Kieron Hunter said the Asian buyers saw value in 2 Highmont Drive, Belmont.
The four-bedroom house has been stripped back to its bare bones, extended and ready to renovate.
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“They bought it for her son to stay in instead of student accommodation,” Mr Hunter said.
“It worked out better for them.”
The potential and affordable price tag in an increasingly popular pocket of Belmont attracted more than 80 people through the 650sq m property during the campaign.
A big crowd turned to out to Saturday’s auction but there were no bids and the house as passed in on a $400,000 vendor bid.
The sale was negotiated immediately afterwards, with the price above the $430,000 to $450,000 expected range.
Mr Hunter estimated about $70,000 needed to be spent finishing the renovation.
Some of the work has already been completed with a new kitchen and bathroom installed but there are still many unfinished rooms.
The house two bathrooms and two large living areas plus a covered outdoor entertainment area.