VIETNAMESE FAMILY BID $4.6 MILLION FOR A HOUSE IN CANLEY HEIGHTS, AUSTRALIA

A very ordinary house in the suburbs has just been sold for an incredibly high price of 4.6 million dollars, even much higher than the previously calculated price. 

The three-bedroom home in Canley Heights, western Sydney, was sold at auction for up to $4.6 million on October 21.

The house, which is 741 square meters and has a frontage of 15.3 meters, was listed on the market for four weeks before a Vietnamese family bought it.

According to the property description, the house is a “single-storey, brick veneer family residence, extremely simple in design, fully furnished with ample space, with a kitchen, two-car parking, garden and a spacious shed at the rear.”

In addition, the house also owns an outdoor entertainment area with extremely beautiful landscape.

Image: A three-bedroom house in Canley Heights, western Sydney, sold at auction for an impressive $4.6 million last weekend.

The auctioneer, Mark King, revealed that he was surprised by the final sale price, admitting that he thought the house would sell for “on average around $2 million”.

“What was more surprising was that the starting price was only $1.5 million and after 10 minutes they went up to $4.6 million,” he told the Australian Financial Review.

Real estate agents in Green Valley, Peter Ly and Thuy Dung Helena Mai, also admitted that the selling price is a very impressive figure.

“I think we will achieve a great result, but the resulting selling price is higher than what was expected,” Mr. Ly said.

“I think the price should be between $2 million and $2.5 million: $2.5 million would be the price that would be achieved at auction. If it goes up to $3 million, that’s an excellent result.”

Mr. Ly said that there are three groups interested in the property, because of its prime location, located “right next to a local store” and adjacent to a 30-space city parking lot.

Ms. Mai expressed her opinion that this house attracts the attention of investors probably due to “R4 planning, location as well as land size”. 

Mr. Ly said that the three bidders for the house were not from the local area but were from a Vietnamese couple. 

“The other of the two is a syndicate from the Eastern Suburbs and a backup bidder from Milsons Point,” he said.

When asked about the reason for paying such a large amount of money to buy a house, the woman shared: “We really want to own this house.” This will be a solid asset for your children when they come to Australia to study.

Ms. Mai said “in fact, the location near Vietnamese shops and restaurants is the core value to sell this house.” 

Mr. Ly added, “Southeast Asians are coming to Australia and doing what the Chinese did five to 10 years ago.”

Image: Green Valley real estate agent Peter Ly said many Southeast Asians and Vietnamese had bought homes and moved to the Cabramatta-Canley Heights area.

“What I feel from international buyers is that their money is kept safe in Australia.”  

“The fear of the government confiscating or freezing money is probably much higher than in Australia.”

Mr Ly said it was mainly Southeast Asians and Vietnamese people who had bought homes and moved to the Cabramatta-Canley Heights area.

“It’s true, a lot of money comes from Vietnam, but they often buy real estate at normal prices. It’s really unthinkable for the selling price to exceed double the asking price,” 

“If prices exceed $2.6 million in Bondi for a $10 million beachfront property, that’s normal because of the area’s great setting and location.” 

“However, it happened in the West or the Southwest. It’s really inexplicable.”

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