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

Valentine’s Day, Greek Style: Two couples reflect on love, family and tradition

This year, The Greek Herald decided to speak with two Greek Australian couples from across the nation to ask them how they met.

‘It’s Story Time’ with Sophia Amarandos: A mini dating series on finding love

Sophia Amarandos is on her very own Bridget Jones-esque quest to find love, no matter how many glasses of wine and awkward dinners it takes.

Macquarie University leads the way in Greek Language Certificate awards ceremony

Over 200 people attended the award ceremony of the Certificates of Attainment in Greek Language 2024 that took place at Macquarie University.

Taste of the Aegean: Meet the Greek foodies bringing flavour to Antipodes 2025

This year’s Antipodes Festival is celebrating Greek culture and food with 'Taste of the Aegean,' proudly supported by The Greek Herald.

Inner West Hawks FC kick off 2025 season with memorable launch event

The Inner West Hawks FC officially launched their 2025 season with a vibrant celebration at Club Five Dock RSL on Wednesday, February 12.

You May Also Like

Reviving the Bulgari legacy in Epirus

The Bulgari family, renowned for their global jewelry empire, is reconnecting with their roots in Paramythia, Epirus.

SYRIZA tables bill on same-sex marriage in Greek Parliament

Greece’s SYRIZA-Progressive Alliance party tabled a bill on Monday to Parliament on same-sex marriage. Read more here.

New Consul General of Greece in Sydney visits Archbishop Makarios of Australia

Archbishop Makarios of Australia received the new Consul General of Greece in Sydney, Yannis Mallikourtis, at the Archdiocese in Sydney.