Family finally give in to pressure to sell $5,500,000 house after developers built a neighborhood around them
A home owned by the same family for six decades has finally been sold at auction after reportedly attracting a ‘huge amount’ of interest from land developers.
Nestled in Salisbury, Adelaide, is a prime 12,000 sqm (1.2ha) plot that has been highly sought after for 30 years.
Described by Harris Real Estate as a ‘truly rare land holding’, the site is positioned just behind a beloved Australian golf course and is a stone’s throw away from a local shopping centre and various other modern developments.
The approximately three-acre strip of land, which is ‘flat, levelled and ready for an immediate building start’, has housed a family for 60 years.
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According to the listing, the unnamed clan lived in a three-bed, street-facing home, which consisted of a lounge, a kitchen and a large garage with adjoining sheds.
Tom Hector of Harris Real Estate claims that for the last 30 years, the plot owners have rejected a plethora of offers to sell their traditional quarters.
But now, the home is officially in the hands of someone else.
Why did the family decide to sell the house?
Despite a myriad of rejections over the years, the family finally gave up their legacy on Tuesday (October 29) after their parents died, says the realtor.
“It’s a very sad and emotional sale,” Hector told 7News. “There’s very few parcels of land left of more than 1000m2 in the northern corridor of Adelaide.
“It has services supplied and it is close to shopping centres and schools.”
The real estate agent claimed there had been a ‘huge amount’ of interest in the property, which was listed for $5,500,000 AUD ($3,610,000) at auction.
As well as the size attracting potential buyers, the vibrant neighborhood that has sprung up alongside and its proximity to public transport and local parks has probably sealed the deal.
The Adelaide family finally giving in and selling to developers is a fate that a Sydney-based brood is keen to avoid.
The Zammits, who are the proud owners of a 20,000 sqm property in Quakers Hill, have watched endless new-build development houses pop up around them.
But when offered a staggering $50 million for their home, they declined and reportedly told developers who wanted to get their hands on their land to keep ‘dreaming’.
“The fact that most people sold out years and years ago, these guys have held on. All credit to them,” said local real estate agent Taylor Bredin.
Speaking to 7News earlier this year, he continued: “Depending on how far you push the development plan, you’d be able to push anywhere from 40 to 50 properties on something like this, and when subdivided, a 300 square metre block would get a million dollars.”
But when push comes to shove, would you stay staunch like the Zammits or eventually relent like the previously-mentioned Adelaide family?
Ella Scott