Many eyebrows were raised at the record $921,000 sale price of the modest three-bedroom Altona house of former Australian prime minister Julia Gillard.
After fierce bidding between four people, the house was bought by Jain Wang, whose family will move in after a 90-day settlement.
Minutes before Saturday’s auction, resident Michelle Radau predicted it would sell for between $700,000-$800,000, based on the market in Altona.
“One in Delmont [Avenue, the next street] just sold for $650,000 – not as good condition.
“This has got the X-factor because it’s the former prime minister’s house, so I’m guessing $700,000-plus.”
Ms Gillard bought the house at 9 Medford Street in 1998 for $140,000. Neighbour Anthony Ang, who paid $390,000 in 2007 for his house, said he was delighted at the result.
“I was very happy that it fetched such a high price because I just live three doors away. That will help the resale price of my house as well.”
Mr Ang, who is Chinese from Singapore, said he was not surprised at the strong interest from potential buyers of Chinese descent.
“I think for them it is something very extraordinary, very special.
“In their own country, for example, in China, it’s very authoritarian and people in high positions, they are very well separated from the common folks.
“It’s very amazing for you to be able to actually go and stay in the previous residence of a former prime minister, especially the first female prime minister of Australia.”
Mr Ang, whose mother is a property agent in Singapore, said even a very small apartment in Singapore would cost $500,000.
“Such a place [as 9 Medford Street] in Singapore would cost maybe $5,000,000.”
The median price for a house in Altona is $545,000. Anna Grech, of Jas Stephens in Williamstown, said the new owner was a fan of Ms Gillard.
“She said to me it was a dream to her.”
