Michael and Deanna Parzakonis enter ‘lotto’ to buy land for their dream home

·

Those wanting to build their dream home are being made to play a form of Lotto to get new blocks in Sydney’s southwest, amid a crippling land shortage and the fastest land price rises in two decades, The Daily Telegraph reports.

Housing experts say the southwest has been at the centre of the land crisis due to the promise of a second airport at Badgerys Creek pushing up demand.

In response, the Telegraph reports that developers have introduced mechanisms such as lot ballots – lotteries where buyers have their name pulled out of a draw for the chance to get a sales appointment.

The Village in Menangle.

In Michael and Deanna Parzakonis’ case, they recently bought a block of land in Mirvac estate, The Village, in Menangle in the outer southwest after their name was drawn out of a ballot.

The couple were entered into the ballot with 300-odd buyers for the chance to get a sales appointment for one of about 30 blocks. They told The Telegraph, the experience was “stressful.”

“Your number determines where you are in the pecking order. We were the 40th pulled out and, luckily, there were other buyers who backed out, so we got a block,” Michael Parzakonis told the newspaper.

“It’s ridiculous how much demand there is, especially for an area so far out. I’m just relieved it’s over.”

NSW Treasury announced in June that 42,000 homes would need to be built every year over the next four decades – or 1.7 million by 2060 – to meet growing demand.

Southwest Sydney is now earmarked to pick up some of the slack with NSW Planning Minister Rob Stokes revealing new land in the area would be rezoned.

About 18,000 homes could be built in Glenfield, Lowes Creek Maryland, Leppington and Wilton, of which 2700 could be ready in three years.

Source: The Daily Telegraph.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

2035: The end of the Greek community of Australia as we know it (Part Two)

In our previous article we referred to the important year 2035, a milestone for the presence and evolution of Hellenism in Australia.

‘Poor Things’ costumes exhibition opens at Benaki Museum in Greece

Costumes from Giorgos Lanthimos' film "Poor Things" are featured in an exhibition inaugurated by Greek President Katerina Sakellaropoulou.

Meet Joanna Kalafatis: New Greek star of hit Netflix series ‘Maestro in Blue’

Joanna Kalafatis is a beautiful Greek woman with voluminous hair. However, as the saying goes, there’s a lot more than meets the eye.

Archaeologists in Crete mystified by 4000-year-old discovery

A recently discovered 4,000-year-old stone building in Crete is puzzling archaeologists and potentially delaying an airport project.

Greece ranks third among Mediterranean cruise destinations

Data from the Hellenic Ports Association (ELIME) show that Greek ports handled 7,003,150 passengers in 2023, up from 4,629,650 in 2022.

You May Also Like

Chris Anastasi and Nathaniel Anthony aim to make Muscle Nation a $70 million empire

Muscle Nation's co-founders Chris Anastasi and Nathaniel Anthony hope to build their activewear business into a $70 million empire.

New analysis finds vibrant paint decorated the Parthenon Marbles

In a new study held by the British Museum, researchers have found microscopic traces of paint on the ancient sculptures of the Parthenon.

UN official reiterates commitment to Cyprus peace deal

A top official for the United Nations reiterated that the world body remains committed to finding a solution to the Cyprus problem.