Family Reluctantly Sells $5.5 Million Home After Developers Surround Property with New Neighborhood

admin | December 15, 2024 | news | No Comments

A real estate agent described the listing as a ‘very sad and emotional sale’

A family-owned home that held memories for six decades has finally been sold at auction, drawing significant interest from land developers eager to invest in the property.

Located in Salisbury, Adelaide, this prime 12,000 sqm (1.2ha) plot has been highly sought after for nearly 30 years.

Harris Real Estate described the property as a ‘truly rare land holding’.

Positioned just behind a popular Australian golf course, it’s close to a shopping center and surrounded by modern developments, adding to its appeal.

This approximately three-acre piece of land, which is ‘flat, leveled, and ready for an immediate building start’, was home to the same family for 60 years.

The ‘sought after’ land went to auction today (Harris Real Estate)October 29

The listing notes that the family lived in a three-bedroom, street-facing home, which also featured a cozy lounge, a kitchen, and a large garage with sheds attached to it.

According to Tom Hector of Harris Real Estate, the family turned down numerous offers over the past 30 years, choosing to hold onto their home rather than sell to interested buyers.

But now, the property has officially found a new owner.

Why did the family decide to sell the house?

After years of rejecting offers, the family ultimately decided to part with their home on Tuesday, October 29, following the passing of the parents, according to the realtor.

“It’s a very sad and emotional sale,” Hector shared with 7News. He added, “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 noted that there had been a ‘huge amount’ of interest in the property, which went up for auction with a listing price of $5,500,000 AUD ($3,610,000).

Its substantial size and the flourishing neighborhood nearby, along with convenient public transport and local parks, likely added to the property’s attraction for buyers.

An Aussie realtor described the sale of the property as ‘sad’Harris Real Estate

While this Adelaide family eventually agreed to sell, another family in Sydney is holding strong against developers.

The Zammit family, owners of a 20,000 sqm property in Quakers Hill, has watched new development houses spring up around them, but they recently turned down a massive $50 million offer.

Instead, the Zammits reportedly told developers who were eager to acquire 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,” commented Taylor Bredin, a local real estate agent.

He continued, telling 7News earlier this year, “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.”

So, when it comes down to it, would you stand firm like the Zammits or, like the family from Adelaide, eventually decide it’s time to move on?