Home Value in Private Sydney Residence Skyrockets from $850K to $50M in Less Than a Decade
In an astonishing turn of events, the value of a private home in Sydney’s northwest has surged from $850,000 to a staggering $50 million within a span of less than ten years. The property, located on Hambledon Road in The Ponds, has attracted nationwide attention due to the owners’ resolute refusal to sell. Standing on a vast 20,000 square-meter block, the house owned by the Zammit family has become a topic of fascination as it dominates the landscape amidst the surrounding development.
The Zammit family has been the proud owners of this five-acre property for several decades, which includes a striking 200-meter long driveway and a triple-car garage. Over the years, as new homes cropped up around their residence, the Zammits rejected offers from developers that reportedly reached as high as $50 million. Despite this, the house was listed on the market for a mere seven days in November 2015, with a price guide of $858,000 to $945,000. However, it was quickly taken off the market and has not been listed again since.
The Zammit family refuses to discuss the numerous offers they have received to move out, as they value their privacy immensely. However, they do acknowledge the dramatic transformation that has occurred in the surrounding area since they moved in 16 years ago. The once sprawling farmland with quaint cottages and red brick homes has now been replaced by an extensive new-build development. Diane Zammit, the mother, described how the vibrant neighborhood has significantly encroached upon the family’s territory, depleting the spaciousness of their surroundings.
Remarkable aerial images provide a bird’s-eye view of the Zammit’s abode, showcasing the extensive changes that have taken place in the area over the last two decades. Australian buyer’s agent Ella Cas explains that the value of the lot is so immense because it could potentially be divided into 46 or 56 lots, depending on the developer’s plans. With an average lot size of 300 square meters and each lot selling for approximately $780,000, the revenue from the development could conservatively reach $35.8 million or up to $43.68 million for a Sydney developer. However, these figures do not account for development costs, implying that the $50 million spent on the land has not yet been recouped.
As for the Zammit’s property itself, it encompasses more than five bedrooms and boasts a spacious triple garage housing the family’s vehicles, including a classic Ford Falcon XR6. Moreover, it features a basketball court, providing ample recreational opportunities. Maintaining the property is no small task, as the vast and meticulously maintained lawn requires around two-and-a-half-hours to mow. Additionally, the ongoing construction surrounding their home necessitates the installation of approximately 750 meters of fencing to maintain privacy.
While the Zammit family’s steadfast refusal to sell their property has garnered attention and admiration, it shines a light on the rapidly changing landscape of Sydney’s northwest. The transformation from secluded farmland to a sprawling new-build development has altered the character of the area and made private residences like the Zammits’ increasingly unique. Whether they will eventually be tempted by the substantial offers remains to be seen, but for now, their steadfastness stands as a testament to their desire to preserve their privacy and their incredible property.
Keywords: Sydney, home value, property, real estate, Sydney’s northwest, Zammit family, development, refusal to sell, Hambledon Road, The Ponds, private residence, offer rejection, market listing, transformation, farmland, neighborhood expansion, buyer’s agent, potential revenue, lot division, amenities, lawn maintenance, construction impact, privacy preservation, unique residences.
