Would you pay $1.52 million to live here? Rundown cottage in Sydney suburb sells for incredible price as families fight to live in the up-and-coming area

• A derelict cottage that’s too rundown to live in has sold for $1.52 million, with its new owners hoping the suburb will soon become a real estate hotspot.

With peeling green paint, rusted roofing, broken windows, exposed piping and hideous floral curtains, the 1950s weatherboard home appeared far from a must-buy.

However its location in the up-and-coming Sydney suburb of Manly Vale made it a hit among buyers on Saturday.

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The derelict home has peeling green paint, a rusted roof and an unlivable interior, but that didn’t deter potential buyers