A Sydney family have defied expectations by turning down a life-changing sum of money to develop their prized piece of family real estate.
While Australia may not boast quite the same numbers of eye-wateringly expensive properties as the USA — take Jeff Bezos’s $270 million Beverly Hills mansion or this $375million New York penthouse, as a couple of choice examples — it definitely has its fair share of pretty-penny properties. From David Bowie’s “bizzare” $9 million apartment to George Michael’s $15 million Palm Beach pad, Australians have always found a thrill in buying and selling property.
That’s why the news that an Australian family has chosen to stand their ground against some pretty staggering offers from developers — declining a jaw-dropping $50 million AUD (~ $33 million USD) for their home in Sydney’s suburbs — comes as quite such a surprise. The refusal to sell their property has led to the unique sight of rows of two-story houses being built around the Zammit family’s residence, creating a green oasis out of their yard which sticks out amidst the urban sprawl.
WATCH: Here’s what you could do with that kind of money… crane a McLaren into your brand-new penthouse.
As reported by Insider, the Zammit’s home is nestled in The Ponds — a suburb approximately 40 minutes from Sydney’s bustling city centre — and stands alone on five acres of land, becoming a potent symbol of resilience against the endlessly encroaching wave of urban development. Much to their chagrin, developers have been forced to meticulously work around the Zammit’s home, which has put quite the spanner in their plan to totally overhaul — and massively monetise — the whole area.
Taylor Bredin, a real estate agent who highlighted the fact that the land could have accommodated approximately fifty 3200sq/ft houses — each estimated to be worth a staggering $1 million AUD — commended the family’s determination, saying this:
“The fact that most people sold out years and years ago, these guys have held on, all credit to them.”Taylor Bredin, Real Estate Agent
Diane Zammit, the matriarch of the family, shared her memories of the neighbourhood when they first moved in over seventeen years ago, saying that back then it was a far more tranquil landscape comprised of “farmland dotted with charming little red-brick homes and cottages”. As time has passed, the city’s rapid growth has enveloped the area, transforming it into a bustling suburban community.
This house in Australia has continually rejected offers for purchase, most recently a $50 million dollar offer, per 7News: pic.twitter.com/jCtxOMTCn6— unusual_whales (@unusual_whales) May 7, 2023
The Zammit family’s decision to hold onto their 5-acre property has proven not only to be a brave decision but a fiscally canny one too: Eleven years ago, the same land would have been valued at approximately $3 million AUD — based on neighbouring property prices in 2012. Despite lucrative offers from developers, the Zammit’s neighbours are glad the family chose to stay. Speaking to The Daily Mail, one had this to say:
“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.”Anonymous Neighbour
In a world where decent property deals seem as rare as a diamond in the rough, the Zammit family’s refusal to sell has become a beacon of light in Sydney’s increasingly-sprawling suburbs. As the city landscape continues to change, their home stands tall as a testament to the importance of holding onto what truly matters – a slice of tranquillity in a bustling world.