A Perth family is $4 million richer after selling the home they’d lived in for 40 years. (Source: EPS/Google)
An Australian family is $4 million richer after finally selling their Perth property. They had lived on the 2.34-hectare property in the city’s south for 40 years, and developers had been begging for them to sell up.
Hammond Park used to have sprawling properties similar to 466 Wattleup Rd, but years of urban development have left this one as an outlier, with new homes coming from almost every angle. Effective Property Solutions (EPS) said it had been on the market since August and they finally found the right buyer.
“[They] 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,” EPS head of property investment Ollie Salimi said.
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“It proved worth the wait with the price exceeding the sellers’ expectations by 20 per cent.”
The home itself is a four-bedroom dwelling that comes with two bathrooms and a semi-detached two-bedroom granny flat.
But it’s the hectares of land that would have pushed the price into the multi-millions, as it has plenty of potential for a fresh lot of homes.
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The home sits on 2.34 hectares of land that’s primed for new development. (Source: EPS)
The site will be transformed for new villas and townhouses. (Source: EPS)
EPS said the property was one of the “last infill lots in the vibrant and rapidly growing suburb”, which is just 25 kilometres south of the CBD.
The site itself was zoned for mixed-use development, which included a mix of land uses, a local centre with retail and commercial spaces, alongside residential zones.
There were eight official offers for the home, but it eventually went to home builder Apex Building as a cash sale.
The $4 million price tag is well above the median house price for the suburb, which sits at $774,000, and EPS believes the sale could have set a record for the area.
Developers are planning to level the land to make way for a bunch of new homes, villas and townhouses.
“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,” Salimi said.
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