A Wantirna property bought for $144,000 has fetched a seven-figure sum four decades later.

The 4 Nizam Court property on 6068sq m has set a new suburb price record that is unlikely to be challenged for many years.

The block with development potential changed hands for more than $5 million in early April, according to Barry Plant Wantirna partner Brett Smith.

Listed for sale in late 2021 with a $5.4-$5.9 million price guide, it comprises a five-bedroom house with two bathrooms, an inground pool, sprawling yards, a cottage-style studio and parking space for six vehicles.

According to sale records, it was purchased in 1981 for less than $150,000. It has an interesting history and was once a chicken farm in an area that was well known for its orchards and market gardens.

No Wantirna residential property has fetched more than $3 million prior to this, with the previous top sale of $2.85 million set in 2016 by 553-577 Boronia Road.

The Nizam Court property in the Regency Park Estate is one of the largest residential landholdings in the suburb suited for development.

It has a sought-after position with easy access to two primary schools, Wantirna College, Knox Private Hospital, and Wantirna Mall, and it is a short drive to Westfield Knox Shopping Centre and EastLink Freeway.

Commenting on the current market in Wantirna and nearby suburbs, Mr Smith said the auction clearance rate had dipped slightly with a decline in buyers, compared with the strong market conditions in 2021.

“Many sellers are now happy to take good offers instead of going to auction,” he said.

“At Barry Plant, we offer several methods of sale to sellers and it is important to get an agent who is familiar with the market cycles.”

Mr Smith noted that many other agencies specialised in either auctions or private sales and this limited the options for property owners.

“However, we have several sales methods, depending on the market and property type, and we pride ourselves on the different choices we offer sellers,” he said.

Mr Smith recently sold 6 Ensign Close, Wantirna, prior to auction for $1.3 million. The five-bedroom home sold a week before its scheduled April 30 auction.

Also sold earlier than its May 2 closing date sale was 3 Daffodil Road, Boronia, which also fetched $1.3 million.

The six-bedroom house on more than 1000sq m was sold by Mr Smith just two weeks after going on the market and achieved above the seller’s price hopes.