A family-owned property in Salisbury, Adelaide, has been sold at auction after attracting significant interest from land developers.
The expansive 12,000 sqm (1.2ha) plot, which has been coveted for three decades, is situated near an Australian golf course and close to a local shopping center and various other developments.
Harris Real Estate describes this property as a “truly rare land holding.” The land is flat and ready for construction, having been the site of a family home for 60 years.
The family resided in a three-bedroom house with a lounge, kitchen, and a large garage with adjoining sheds, according to the listing.
Tom Hector from Harris Real Estate mentions that for the past 30 years, numerous offers to purchase the property were declined by the owners.
However, the ownership has now changed hands.
The family decided to sell the property on Tuesday (October 29), following the passing of their parents, as reported by the realtor.
“It’s a very sad and emotional sale,” Hector remarked to 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.”
Interest in the property was substantial, with the listing price at auction being $5,500,000 AUD ($3,610,000).
The neighborhood’s vibrancy and its proximity to public transport and parks likely contributed to the property’s appeal.
While the Adelaide family decided to sell, a family in Sydney is determined to avoid a similar sale.
The Zammits own a 20,000 sqm property in Quakers Hill and have resisted selling despite numerous new-build developments surrounding them.
They reportedly rejected a $50 million offer and told developers to “keep dreaming.”
Local real estate agent Taylor Bredin commented, “The fact that most people sold out years and years ago, these guys have held on. All credit to them.”
Earlier this year, speaking to 7News, he said, “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.”
The question remains: Would you hold out like the Zammits or eventually decide to sell as the Adelaide family did?