A Sydney family is sitting pretty on their huge block of land, refusing to sell to developers even as cookie cutter homes spring up around them.
A Sydney family is sitting pretty on their massive block of land, refusing to sell to developers even as cookie cutter homes spring up around them.
The sprawling two-hectare block in The Ponds, a suburb near Quakers Hill about 40km northwest of the Sydney CBD, is owned by the Zammit family who have been staunch in holding onto their beloved home.
And although it sticks out like a sore thumb, their neighbours and local real estate agents have praised the family for staying put despite the massive cheques they have likely been offered – including, reportedly, one for $50 million in 2022.
Incredible aerial images have since emerged of the home, revealing the drastic changes the area has undergone since the family moved in almost two decades ago.
Diane Zammit, who moved into the property with her family 17 years ago, spoke with Daily Mail Australia about their home the suburb, saying “it’s 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.”
Now, the home looks like Central Park surrounded by grey homes wedged right up against the home’s boundary fence.
The property is estimated to be big enough for between 40 and 50 homes. Local Ray White Quakers Hill real estate agent Taylor Bredin told 7News in 2022 a 300 square metre block could fetch a million dollars.
Most of the neighbouring blocks of land sold for up to $239/sqm in 2012; which would have valued the Zammits’ five-acre property at around $4.75 million 10 years ago. But since then, Sydney property prices have boomed.
According to realestate.com.au the median price of a home in The Ponds in the year to April 2023 is $1,441,750 (an increase of 1.2 per cent). To sell 40 or 50 houses at that price would equate to between $57.6 million and $72.1 million. An eye-watering sum.
Although estimates have been throen around, a local source told news.com.au that while it is not clear how much the house could be sold for, the Zammit family is “very comfortable” where they are.
“They are not in a position to want to sell, need to sell, or have to sell,” they said.
“I don’t really know how much it could go for, but it’s the last of its kind, so it’s pretty valuable.”
Mr Bredlin told 7NEWS it was a “credit” to the Zammits to stick around, when “that most people sold out years and years ago”.
The family have remained private, not speaking publicly about past offers or intentions for the future.
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