Furious residents say their homes have been left “unsellable”, with one saying his property’s value plummeted from $11 million to only $1 because of proposed land zonings surrounding the new western Sydney airport, The Daily Telegraph reports.
Theo Koutsomihalis says under the latest zonings proposed, his entire 10 acre Luddenham property would be designated as green space – wiping millions from its value after it had previously been zoned as enterprise land.
He said planning firm Urbis had initially valued his land, then zoned as enterprise, at $11m.
However, proposed plans by the State government have designated his entire property as green space – with the firm updating him the property would now be “unsellable” with a value of $1.
“I’m stuck now with a property worth $1 for the next 20 or 30 years, if it ever sells,” he said.
“The other day I literally had to pull the car over and have a panic attack for 45 minutes.
“My kids’ future is gone.”
Mr Koutsomihalis drew the largest cheer at a public meeting of about 200 concerned locals at Luddenham Showground on Tuesday with state politicians and councillors from Liverpool and Penrith.
Full story: The Daily Telegraph
