After decades of reluctance, an Australian family has finally agreed to sell their home for an impressive amount.
Located at 466 Wattleup Road in Hammond Park, just 16 miles from Perth, the property has been owned by the couple since the 1980s. The house gained attention last August when it was listed for sale.
According to the property overview: “Unlock the potential of this expansive 2.33-hectare development site, strategically located in the heart of Hammond Park. This prime parcel of land offers unparalleled opportunities for both residential and commercial development, perfectly situated to benefit from the area’s growing demand.”
Developers have long been eyeing the house and its extensive 2.34-hectare block, which the new owners plan to transform into a housing development.
Recently, Apex Building, a construction firm, finalized a $2.5 million purchase of the home and its associated land through a deal managed by Effective Property Solutions (EPS).
Ollie Salimi, EPS’ head of property investment, remarked about the acquisition: “This family had fielded many approaches by developers over a decade and had listed the land on this prominent road twice before, however, it was only on this third attempt that the sale got over the line with all parties.”
“It proved worth the wait with the price exceeding the sellers’ expectations by 20 percent,” he continued.
Salimi further noted: “The plan is to use the site for residential development to meet strong demand for homes in this flourishing southern Perth suburb that’s a major growth corridor.”
The “private” homeowners expressed satisfaction with the sale, which will facilitate the construction of new homes in response to the rising housing demand in the suburb.
In a similar scenario last year, a family home in Brisbane was sold after six decades, having piqued considerable interest from developers.
The property in Salisbury, Adelaide, features a prime 12,000 sqm (1.2ha) plot that has been highly coveted for over 30 years.
Harris Real Estate describes it as a “truly rare land holding,” located conveniently near a popular golf course, a local shopping center, and other modern amenities.
This approximately three-acre piece of land, ready for immediate development, had been the family residence for 60 years.