After years of holding out, a stubborn family has sold their $5.5 million home, now surrounded by suburban developments.
A family in Salisbury, Adelaide, has decided to sell their home after living there for 60 years.
This decision comes after a long history of rejecting offers, as their property became increasingly valuable due to surrounding developments.
Stubborn family finally sells $5,5M house after suburb built around them by developers
The house, which went to auction recently, is located on a large 12,000 square meter (about three acres) plot.
For many years, it was a well-kept secret, as the family turned down many offers to sell.
However, after the parents’ passing, the family felt it was time to let go of their legacy.
Tom Hector, a real estate agent from Harris Real Estate, described the sale as “sad and emotional.”
“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.”
He noted that the property had attracted considerable interest from developers who saw the land’s potential.
The auction listing valued the property at $5,500,000 AUD, which is around $3.6 million USD.
The area around the family home has changed significantly over the years.
New neighborhoods and modern facilities have sprung up, making the land even more attractive.
The property is close to a popular golf course, shopping centers, and schools, which adds to its appeal.
Hector mentioned that few parcels of land left in the northern part of Adelaide are larger than 1,000 square meters, making this property particularly special.
For decades, the family enjoyed their home, which included three bedrooms, a lounge, a kitchen, and a large garage.
However, as developers built new homes nearby, the family felt ever-increasing pressure to sell.
Hector noted that, although the family had resisted offers for many years, the changing landscape and personal circumstances eventually led them to this decision.
The sale was met with mixed emotions from the local community.
Many residents understood the family’s choice but felt a sense of loss.
The property had been a staple in the neighborhood for generations, and its sale marked the end of an era.
Interestingly, not all families in similar situations are willing to sell.
Another family, the Zammits, owns a large 20,000-square-meter property in Quakers Hill, Sydney.
They have received offers as high as $50 million but have chosen to remain in their home.
Local real estate agents have praised their decision to hold onto their property, stating that the land’s value will likely keep rising due to ongoing developments in the area.
“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.
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 meter block would get a million dollars.”