A long-held Onkaparinga Heights landholding that has gradually been surrounded by modern homes is also set to be turned into more housing following its record-breaking sale.

The 1.405ha Onkaparinga Heights property at 4 Highview Court was snapped up by a developer for $4m at auction, raising the bar for the southern suburb.

Its sale price is more than $1m above the suburb’s previous record for a single house, which property records show was set by the home at 1332 Piggott Range Rd when it changed hands for $2.825m a year ago.

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The Onkaparinga Heights property at 4 Highview Court has sold after being owned by one family for decades.

The 1.405ha property has gradually been surrounded by modern housing.

Harris Real Estate Wine Coast agent Sam Bennett said the “much-loved” property, which has a 1989-built three-bedroom house on it, had been owned by the same family for decades and since surrounded by modern housing.

“It’s surrounded by developed houses … but it was their home before any of that got developed,” said Mr Bennett, who sold the property with Kevin Renard.

He said its sale was a good opportunity for the area.

“It’s opening up more development opportunity for the area,” Mr Bennett said.

“A developer has bought it with the intention to do works to it and open up more land.”

Mr Bennett said the number of residences that could be built on the property was yet to be determined as there were some council restrictions in place because of a land management agreement.

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A three-bedroom house is on the property.

The property sold for a record-breaking $4m.

It attracted a lot developer interest throughout the campaign, he said, with 12 prospective buyers registered to bid for it at auction.

The sale comes after a similar property in Adelaide’s north sold for a whopping $5.5m at auction last year.

For decades the family who owned the 1.12ha parcel knocked back developers’ offers but eventually caved when the cost to keep it became too high.

It has since been cleared to make way for 45 homes in a $31m housing development called Salisbury Park Estate.