Scene from investor forum for development of New Airport in Sydney, Australia ▶ Click here for a larger view
Correspondent Jeong Dong-cheol = There was a case where the land that had been asking for a whopping 12 million Australian dollars (about 10 billion won) two years ago as a new airport in western Sydney, Australia, fell to one dollar (about 850 won) due to the government’s repurposed use.
According to the Australian public ABC broadcast on the 10th, the value of real estate in the area has evaporated as the government of New South Wales (NSW) in Australia recently changed its use near the Sydney New Airport to an environmental zone near Weserless Creek.
The 4ha farm was sold for $12 million in 2018, and the landlord, Theo Koutsomihalis, said that because of the change in use, there is no one to buy now for just a dollar.
He said, “As the whole farm was designated as an environmental zone, it became completely worthless land,” he said. “When I asked for an official appraisal, the appraiser was only 1 dollar.”
“I lost all my property,” said Koutsomhalis, saying that it was like stealing that caused the land price to plunge like this.
Prior to this, the NSW government designated the area around the new airport, which is under construction, with the goal of completion in 2026, divided into 10 zones: agriculture, environment, business, and infrastructure.
Among them, the market price of real estate in places designated as environmental zones where commercial use development is prohibited is inevitable.
The victims are strongly opposing it, urging the NSW state legislature to re-examine the new airport development plan.
The prices of nearby farmland have soared by a whopping 60% in 2014 when the Australian federal government selected the Weserless Creek area as a new airport site.
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