Family’s land attracts swarm. A coveted Perth southern suburbs property, long resisted by its family owners, has received eight offers within two weeks.
Family’s land attracts swarm. The 2.33-hectare property at 466 Wattleup Road, Hammond Park, featuring a three-bedroom home, saw the area transform over forty years.
The site is expected to be officially “under offer” soon. Meanwhile, three of the eight bids have been made as unconditional cash offers, according to Erwin Edlinger, founder and managing director at Effective Property Solutions.
“I’ve been selling development sites for around 15 years, and it’s rare to see cash unconditional offers,” he told realestate.com.au.
“This is quite unusual for the current market.”
Due to intense competition, the land is likely to exceed the initial high $3 million range expectation and approach around $4 million, Mr. Edlinger noted.
“There’s an emotional attachment to the property. The family no longer lives there, but they watched the area evolve,” he said.
“They were continually approached by developers over the years and grew weary of the persistent inquiries. Trust was lacking.”
Family’s prized land attracts a developer swarm. The listing emphasized that the land offers “unparalleled opportunities for both residential and commercial development.” Furthermore, it is ideally situated to meet the area’s rising demand.
Family’s prized land draws significant developer interest. The site’s zoning allows for medium and high-density residential projects, along with mixed-use commercial possibilities, offering extensive development potential.
The property’s “strategic position” on Wattleup Road ensures high visibility and accessibility, further enhancing its appeal for prospective developers.
“The site’s location provides easy access to major transport routes and local amenities, making it ideal for both residential and commercial use,” it stated.
Surrounded by other housing estates like Hammond West by Qube and Vivente Hammond Park, PropTrack data shows the median house price in Hammond Park is $730,000, reflecting a 23.3% increase over the past 12 months.
Mr. Edlinger noted that Hammond Park is popular among first-time and second-home buyers.
“It’s conveniently located not far from the city, up the freeway, and close to Cockburn Central, which is a major retail hub. A new Coles is also set to open nearby,” he said.
