PHOTO: Theo Koutsomihalis’s property was listed for sale for $12 million in 2018, now it’s been valued at $1 because of rezoning around the new Western Sydney airport.
Key points:
- The NSW government has rezoned all land around the Western Sydney Aerotropolis
- Theo Koutsomihalis says his property is now “worthless”
- Residents in Luddenham say their land value has fallen after the land revaluation
In October last year, the NSW government rezoned all land around the Aerotropolis — the area surrounding the airport at Badgerys Creek.
Mr Koutsomihalis saw his 4-hectare Bringelly property transform from rural land to 100 per cent environmental land under the new zoning.
“This 100 per cent green space has rendered my property worthless,” Mr Koutsomihalis said.
“I’ve had my property officially valued and with nobody acquiring my land, it has been valued at $1 and unsaleable.”
adsense
READ MORE VIA ABC
