Sydney family’s home goes from $858k to $50m as major development crops up

Documents have emerged that show developers made one mistake when they tried to buy a coveted parcel of Sydney land estimated to be worth up to $50 million.

The defiant Sydney family who turned down developers’ multimillion-dollar offers to buy their property captured national and international headlines last year.

Some realtors guessed the block, situated smack bang in the centre of a major development in the Ponds in western Sydney, could fetch a price as high as $50 million.

The Zammit family, who reside in the 20,000 square metre parcel of land, have previously stated they have no intentions of selling up.

But news.com.au has unearthed documents from RP Data which show that the family was actually looking to sell in 2015 and 2016.

For unknown reasons, the property was swiftly taken off the market and has not been back since.

For the developer, it is no doubt a huge source of regret.

At the time, the property had a price range $858,000 to $945,000.

And just a few years later, they are believed to have received offers of between $33 million and $50 million.

Drone shots of the property really show how much it stands out among the lines of grey two storey homes. Picture: Seven News

Neighbours reportedly don’t want the owners to sell because they like living in a cul-de-sac. Picture: Seven News

The documents show that the property was listed for sale in November 2015, but was taken off the market after seven days.

In February 2016, the same thing happened again.

Both times, the property’s asking price was $858,000 to $945,000.

The property boasts a lush green lawn in stark contrast to all the sites around it and also a huge 200 metre driveway.

But just metres away are rows and rows of carbon copy grey houses crammed into tight blocks as part of a major development.

The high-density neighbouring homes are built right up to the fence of the property, and neighbours reportedly don’t want the owners to sell as they like living in a cul-de-sac.

Last year, one of the property’s owners, Diane Zammit, 50, said the neighbourhood used to be “farmland dotted with little red brick homes and cottages” where space was aplenty.

“Every home was unique and there was so much space – but not any more. It’s just not the same,” she said.

They appear to be the last family standing.

The property’s value has gone up massively since developers swooped into the area.

It’s estimated 50 houses could fit on the block of land if they followed the same style as other developer homes in the area.

A local real estate agent previously praised the Zammit family for staying put, despite the big payouts they have likely been offered.

“The fact that most people sold out years and years ago, these guys have held on. All credit to them,” Ray White Quakers Hill agent Taylor Bredin 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.”

News.com.au contacted the developer for comment.

— With Chantelle Francis

Originally published as Sydney family’s home goes from $858k to $50m as major development crops up