A DEFIANT family who refused to sell their land for four decades have finally given in as they expect to make a fortune.
The six-acre block in Perth, Australia, remained unchanged while developers built a large town around it.
GoogleA defiant family has finally listed its home in the suburbs of Perth, Australia, after four decades[/caption]
GoogleA town has built up around the undeveloped plot[/caption]
This stubborn family has shrugged off huge cheques in the past for their home and land in the Perth suburb of Hammond Park.
The current site, at 466 Wattleup Road, has a four bedroom and two bathroom home as well as a granny flat.
This property has been in the family for decades, with the mother and father of five middle-aged children famously defiant, but this could change very soon.
The home and land were unexpectedly listed online and is currently under offer.
Offers for the huge plot are expected to be in the £2 million price range ($4 million AUD), according to 7News.
Although this land remained residential for decades, its sale has been promoted as a “development” opportunity.
The listing wrote: “This prime parcel of land offers unparalleled opportunities for both residential and commercial development, perfectly situated to benefit from the area’s growing demand.”
This site comes with “versatile zoning” which means it could be used for homes and businesses.
Therefore, this site could soon match the rest of the town that has developed around it over time.
The listing added: “This site is perfectly positioned to capitalize on the area’s expansion and evolving needs.”
It added: “With the suburb’s increasing popularity and the mixed-use zoning in place, this property represents a valuable investment opportunity in one of Perth’s burgeoning regions.”
Although this plot has remained in the family for decades, part of the land was previously sold off for an eye-watering sum of cash.
A large slice of the plot was sold to extend a local road and the family were paid £1 million ($2 million AUD) by the Western Australian Planning Commission in 2022.
The owners have majorly cashed in on their expanding town, where median home prices are £345,000 ($690,000 AUD).
The head of property investment at a specialist site sales agency, Ollie Salimi, explained how this plot could be a hot find, according to 7News.
Salimi said: “We expect a lot of interest in this site as Hammond Park’s existing and nearly fully built-out residential land estates are in very high demand from young families, thanks to an array of schools and new public amenities in this now flourishing area.”
Patience pays
This family has not been the only ones to seriously cash in on their stubbornness.
The Miliado family in Adelaide, Australia, held onto their land for 60 years, while developers built around them, The Sun previously reported.
They finally put the three-acres of land on the market and got an eye-watering £3 million for it ($6 million AUD).
GoogleDevelopers have attempted to purchase the Perth home for years[/caption]