Jaw-dropping amount family's house has sold for after developers built a neighborhood around them

After refusing to sell their house for the best part of 40 years, a family from Australia have finally decided to cash in on a jaw-dropping amount.

466 Wattleup Road in Hammond Park, some 16 miles out of Perth, has been owned by the same couple since the 1980s, and made headlines in August last year after putting their home on the market.

An overview of the property states: "Unlock the potential of this expansive 2.33-hectare development site, strategically located in the heart of Hammond Park. This prime parcel of land offers unparalleled opportunities for both residential and commercial development, perfectly situated to benefit from the area's growing demand."

Developers have been trying to purchase the house and its subsequent land for years as it provides a whopping 2.34-hectare block, which its new buyers say will use for a new housing development.

The homeowners were initially reluctant to sell the house (Effective Property Solutions)

Last week, it was confirmed construction company Apex Building had completed a $2.5 million buyout of the house and its surrounding land in a deal concluded by Effective Property Solutions (EPS).

EPS' head of property investment Ollie Salimi said of the purchase: "This family 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.

"It proved worth the wait with the price exceeding the sellers’ expectations by 20 percent."

He added: "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."

The 'private' homeowners are said to be happy their home and land has been sold to 'make way for more homes' as the demand for houses in the Australian suburb increases.

The house has sold for $2.5 million (Effective Property Solutions)

A similar story occurred in Brisbane last year when a home owned by the same family for six decades was finally sold after reportedly attracting a ‘huge amount’ of interest from land developers.

Nestled in Salisbury, Adelaide, is a prime 12,000 sqm (1.2ha) plot that has been highly sought after for 30 years.

Described by Harris Real Estate as a ‘truly rare land holding’, the site is positioned just behind a beloved Australian golf course and is a stone’s throw away from a local shopping centre and various other modern developments.

The approximately three-acre strip of land, which is ‘flat, levelled and ready for an immediate building start’, has housed a family for 60 years.