There has been a wave of long-held properties hitting the market across Australia.
A wave of tightly-held properties is hitting the market for the first time in decades as many senior Australians pass down or sell their beloved homes.
Raine & Horne Group executive chairman Angus Raine said they were noticing an intergenerational wealth transfer right across Australia, which was creating unprecedented opportunities to buy properties that had long been off-limits.
An ageing population and changing family circumstances were also contributing to the wave of activity, he said.
“For many families, properties that have been held for 20, 30 or even 50 years are more than just real estate,” Mr Raine said.
“They represent decades of capital growth and family history.
Raine & Horne Group executive chairman Angus Raine. Picture: Supplied.
13-17 Resthaven Rd, Parafield Gardens.
“As ownership passes between generations, properties are being sold to unlock equity, simplify estates or to help the next generation establish their own financial future.
“In my 35 years in real estate, I can’t recall seeing so many property advertisements highlighting that a property is being offered for sale for the first time in 30, 40, 50 or even 80 years,” said Mr Raine.
“These properties offer buyers a rare chance to secure a home in an exceptional location, or they can be situated on larger parcels of land than is the norm these days.
‘Deeply concerning’: Rental hunt rigged by AI
Offers erupt for SA home with backyard volcano
Adelaide investor hotspots revealed – but the map has shifted
“Whether it’s a regional, rural or coastal property, if you find something you love, you might need to act because if you miss out, you could be waiting another generation for a similar opportunity.”
Several long-held properties have hit the market or sold across Adelaide in the past few weeks.
A Devon Park homethat a 92-year-old woman called home for her whole life was snapped up at auction earlier this month – her father built the property in 1925.
Her next-door neighbours, who she had developed a close relationship with over the years, snapped up the house at a competitive auction.
53 Harrison Rd, Devon Park.
3 Sunset Strip, Manyana NSW.
Meanwhile, a Parafield Gardens homeon a whopping 2313sqm parcel hit the market last week for the first time in more than 60 years.
The vendor purchased part of it in 1961 before snapping up two neighbouring properties because his late wife was worried they wouldn’t have enough space for her dream garden.
The vendor’s youngest daughter said her father’s devoted nature prompted him to return to town the day after purchasing the property to secure an adjacent block, then later purchased the third.
“The third block had been sold but remained empty,” said Natalie Hubrechsen.
“A few years after moving in, they bought the third block from the owner because he no longer planned to build there.”
Interstate, a landmark country estate in the mid-west of NSW as well as another on the state’s North Coast have been listed for sale after being owned by the same family for more than 30 years.
