Homeowners who resisted offers from developers get staggering price

The previous owner of 16 Walker Street held onto the property for years before selling.

Homeowners in prime construction spots who pushed back against advances from developers eager to buy their land are getting rewarded with stellar prices when they finally decide to list.

A Sydney homeowner who held off selling for many years before finally deciding to list this year has become the latest to finally cash in, with their modest two-bedroom home in Rhodes selling at auction last Saturday for an eye-watering $8.15 million.

The property in Sydney’s northwest had been under the watchful eye of developers for years, being the only remaining freestanding home on the apartment-lined Walker St.

It is the latest of a string of Sydney sellers to be rewarded for being patient and resistant to the advances of property developers.

The property is the last home on Walker Street.

Strathfield Partners selling agent Vanessa Kim told media that the owner of the home at 16 Walker St held onto the home for many years before deciding to sell.

“It’s a long time she stayed over there,” she said. “She got several offers before, but she always refused.”

A crowd of 150 attended the auction, with eight registered bidders and five bids placed for the property.

Bidding began at $6 million, rising to the eventual sale price of $8.15 million.

Ms Kim revealed that the buyer may turn the block into a hotel business.

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The property is located in the high-density suburb of Rhodes.

Rhodes has undergone significant development in recent years, with freestanding houses making way for high density living.

Only eight houses have sold in Rhodes in the past 12 months.

Units in the area now rent out for $915 a week on average, up 7.6 per cent from June last year.

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The Zammit family’s home in Quakers Hill. Picture: Channel 7

The sale is the latest example of a Sydney family scoring a high sales price after holding out against the offers of developers.

It comes two years after a Quakers Hill family made headlines for declining to sell their 20,000 sqm parcel of land for $50 million to developers who had purchased all the land around them.

In another incident, in April, Sydney business owners Jacqui and Dal Akers finally sold their 1.21ha property at auction for $5.5m – $2.2m above its price guide – after years of resisting developer interest.

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