50 million rejected: family against real estate speculators

An Australian family refuses to sell their property. As a result, he loses a lot of money, but in return gets a quiet place in a crowded suburb of Sydney.

Austria and Australia - often confused phonetically - are surprisingly very similar in terms of concrete on farms. It shows a view of The Ponds, a suburb of the Australian capital, Sydney.

Only the Zammit family's house stands here on a plot of about 20,000 square meters. The alley leading to this magnificent building is an impressive 200 meters long. According to a report by television channel 7news, the value of the property is expected to rise to around A$50 million (about 30.7 million euros).

Not sold

But selling to real estate speculators is out of the question for the owners. The Zammit family have lived there for 17 years. But the neighborhood has changed a lot in recent times: while the homes on the massive property are still untouched, dense rows of two-story houses have sprung up around them over the years. This is also demonstrated in a time-lapse video on Twitter.

value increase

The property resembled a large meadow on the outskirts of a sprawling city. A real estate agent told 7newst that there is enough land for around 50 houses, which cost A$1 million each.

Families not only benefit from lots of space, but also from a large increase in value. Eleven years ago, based on the prices of the neighbors' houses in 2012, the property was valued at around three million euros.