Aussie family's refusal to sell family home could land them a $60m fortune
An Aussie family that repeatedly said no to selling their much-loved family home to developers could land them a $60million in Australia's booming property market, but the defiant family refuses to sell.
A year ago, the Zammit family from Quakers Hill in Sydney's north west caught worldwide attention when they refused to sell their 20,000 sqm parcel of land to developers who had purchased all the other land around them.
The family received offers of up to $50m to sell their home to complete the new development named The Ponds, but they refused to sell.
That didn't deter developers who are still offering the owners a massive amount of cash to sell their homes, with offers reportedly around $60m now, meaning the family have earned another $10m or 20 per cent over the past year.
According to PropTrack home prices in Quakers Hill have risen by 8.5 per cent over the past 12 months, meaning that the Zammits would have earned at least another $4.25 million.
The median price of a home in Quakers hill is now at $1.172m, around a decade ago it was $700,000.
Last year, one of the property owners, Diane Zammit, 50, told news.com.au that the neighbourhood used to be “farmland dotted with little red brick homes and cottages."
“Every home was unique and there was so much space – but not any more. It’s just not the same,” she said.
It is estimated that 50 houses could fit on the block of land if they chose to sell, but some of their neighbours reportedly don't want them to, as they like living in a cul-de-sac.
Ray White Quakers Hill agent Taylor Bredin previously praised the family for staying put.
“The fact that most people sold out years and years ago, these guys have held on. All credit to them," he told 7News.
“Depending on how far you push the development plan, you’d be able to push anywhere from 40 to 50 properties on something like this, and when subdivided, a 300 square metre block would get a million dollars.”
Images: Channel 7