Neighbours of family who refused £25 million offer from developers say they’re 'grateful' for their decision

The neighbours of a family who've refused a £25 million offer from property developers have said they are 'grateful' for their decision.

It's believed that the Zammit family, from Australia, were offered up to AUD $50 million (£25 million) to sell their house in Sydney, but turned down the offer.

The Zammits have been the owners of the 20,000sqm plot for decades.

Their property consists of a 200-metre driveway and a triple garage, as well as spectacular views of the Blue Mountains.

While they've remained pretty private about the offers they've received, Diane Zammit told the Daily Mail Australia that once upon a time, every home in the area was 'unique'.

"It used to be farmland dotted with little red brick homes and cottages," she said last year.

"Every home was unique and there was so much space - but not anymore."

The family have turned down the huge offer (7News Australia)

The house was previously up for sale in 2015, when it was valued at around AUD $858,000 (£438,445) to AUD $945,000 (£482,270), house records on RP Data show.

Daily Mail Australia also report that the home only stayed on the market for seven days and went up for sale again the following year for the same price.

But after developers showed an interest in wanting to buy their house and its land to rebuild on the plot, the Zammit home hasn't been on the market again.

It's believed they've been offered such a huge price as the whole plot could house as many as 50 properties - each of which would each be sold for around $1 million, according to 7 News.

Despite the offers, the family have stuck with their decision, which is something their neighbours are 'grateful' for.

Their neighbours are 'grateful' they turned down the offer (7News Australia)

One nearby resident said: "I'm very happy they've refused to sell - it means we have a cul-de-sac which is much safer for our kids - and their big lawn next to us makes it feel like we've got so much space.

"Our neighbours don't get that because the other houses are so close together.

“We're very grateful. I hope they stay."

Meanwhile, local real estate agent Taylor Bredin told 7News: “The fact that most people sold out years and years ago, these guys have held on. All credit to them.

“Depending on how far you push the development plan, you’d be able to push anywhere from 40 to 50 properties on something like this, and when subdivided, a 300 square metre block would get a million dollars.”