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Lifestyle

12th May 2024

True value of house revealed after family turned down £26m from developers who built suburb around their home

Ryan Price

They’ve consistently refused to hand over the keys, despite being offered a fortune.

A family in Australia, who have remained steadfast in refusing to give up their home so that developers can build on the land, have revealed the real value of the property.

With their home located in the middle of a new-build development in the Ponds area of Sydney suburb Quakers Hill, the Zammits have no interest in giving up the property they moved into 17 years ago.

And whilst everyone else around them has sold up, and hundreds of two-storey brick homes have sprung up, their five-bedroom manor still stands proud on its patch of land.

This is despite the fact that the land is estimated to be worth tens of millions of dollars.

Speaking to news.com.au, property agent Taylor Bredin said: “The fact that most people sold out years and years ago, these guys have held on. All credit to them.”

The expert went on to say the 1.99-hectar land could accommodate some 50 houses, with each subdivided 3,200-square-foot block potentially fetching a million dollars each. So, if you haven’t managed to do that math, they’re sitting on land worth A$50m (£26.25m).

As to how much the home is actually worth, when the property was once up for sale in 2015, it was valued at $858,000 to $945,000, house records on RP Data show.

It only stayed on the market for seven days, Mail Online reports, and went up for sale again the following year for the same price.

But, in the wake of developers wanting to buy their house and land to rebuilt on the plot, the Zammit home hasn’t been on the market again.

With the original valuing in mind, the family have been offered more than 50 times the home’s value.

The video below shows the incredible change that has taken place around the property since the neighbouring blocks of land were sold back in 2012.

It doesn’t seem like the family have any intention of giving in to developers in the future either, telling them to keep “dreaming” if they think they’re ever demolishing their home.

Diane Zammit told the Daily Mail Australia that the areas is “just not the same” as it used to be.

“It used to be farmland dotted with little red brick homes and cottages,” she said.

“Every home was unique and there was so much space – but not anymore.”

Despite the drastic changes to the surrounding area, Diane’s message to developers was a simple one: “Tell ’em they’re dreaming!”

And some of the local residents have praised the Zammits for their resilience.

One neighbour said: “I’m very happy they’ve refused to sell – it means we have a cul-de-sac which is much safer for our kids – and their big lawn next to us makes it feel like we’ve got so much space.

“Our neighbours don’t get that because the other houses are so close together.

“We’re very grateful! I hope they stay.”

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