A family-owned property held for six decades has been sold at auction, drawing significant attention from land developers.

Located in Salisbury, Adelaide, the 12,000 sqm (1.2-hectare) plot has been in demand for 30 years. Harris Real Estate described it as a “truly rare land holding.” Situated near a popular Australian golf course, a shopping center, and various modern amenities, the location was deemed highly desirable.

The land, approximately three acres in size, is “flat, leveled, and ready for an immediate building start.” It had been home to a family for 60 years, with the property including a three-bedroom, street-facing house with a lounge, kitchen, and a large garage accompanied by adjoining sheds.

Tom Hector of Harris Real Estate revealed that the owners had turned down numerous offers over the past 30 years. However, they finally sold the property following the death of the parents who had lived there.

“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.”

The property, which attracted immense interest, was auctioned for $5,500,000 AUD ($3,610,000). Its size, combined with its proximity to public transport, parks, and a vibrant neighborhood, made it particularly appealing to buyers.

Meanwhile, in Sydney, another family faces a similar situation but has opted to hold onto their land. The Zammit family owns a 20,000 sqm property in Quakers Hill, surrounded by new housing developments. Despite being offered an extraordinary $50 million for their property, they declined.

The developers were reportedly told to “keep dreaming.”

Local real estate agent Taylor Bredin remarked on the family’s resilience, saying, “The fact that most people sold out years and years ago, these guys have held on. All credit to them.” Speaking to 7News earlier this year, he explained, “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.”

When faced with such offers, would you choose to stay firm like the Zammits, or eventually follow the path of the Adelaide family and sell?