Insights

A Perth family has decided to sell their land after years of resistance, as a suburb developed around them. The property, owned for over 40 years, includes a four-bedroom house and a granny flat, but is now set for demolition to accommodate new residential and commercial developments. The site, which spans 2.34 hectares, is strategically located in Hammond Park, an area experiencing significant growth in demand for housing. In 2022, part of the land was sold for $2 million to facilitate road expansion. Census data indicates that Hammond Park's population nearly doubled from 2011 to 2016, reaching just under 5,000 residents. This surge in population has contributed to a dramatic increase in property values, with median house prices rising by 80% to $829,811 and unit prices increasing by 90% to $604,133 over the past five years. The family’s decision to sell comes amid a broader trend where many Australian families have succumbed to pressure from developers. In contrast, a family in Sydney, the Zammit family, has resisted offers exceeding $40 million for their property in Quakers Hill, despite the surrounding area undergoing extensive development. The Zammits have maintained their ownership for 16 years, witnessing a transformation from farmland to a densely populated suburb. Their reluctance to sell highlights the emotional ties and sense of community that can exist in long-held family properties. The contrasting decisions of these families illustrate the complex dynamics of property development in Australia, where financial incentives often clash with personal history and community identity.