This Australian family wouldn't sell their home to developers — now the property...
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This Australian family wouldn't sell their home to developers — now the property is surrounded by a suburb and could be worth $33 million. Why land is the ultimate 'hold'
on the housing market,
Nothing says “stick it to the man” quite like holding on to your precious property, despite it being worth millions of dollars, as developers build an entire suburb around you.
That’s exactly what one Australian family seems to have done.
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The Zammit family apparently refused to sell their five acres of land, even as rows and rows of new homes popped up around them. One real estate agent estimated the Zammit property value to be just shy of 50 million Australian dollars ($33 million) in new developments, Australia's 7News reported in March of last year.
The home is located about a 40-minute drive from the center of Sydney, the country’s largest city, on what once was “farmland dotted with little red-brick homes and cottages,” Diane Zammit told the Daily Mail. Today, however, it's dominated by two-storey houses situated so close together that many of them are separated by mere inches.
Real estate agent Taylor Bredin told 7News the family’s land could possibly fit 40 to 50, 3,200-square-foot homes, each worth 1 million Australian dollars, or almost $700,000.
He commended the family for holding out.
Some of the Zammits’ neighbors felt the same way. One told the Daily Mail they were “very happy” the family wouldn’t budge.
“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,” said the property owner.
This tale of defiance is yet another example of why real estate can be the ultimate hold. Here’s what you can do if you ever wanted to get in on the action.
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