Neighbors of family who turned down $50m from developers who built suburb around their home say they are 'grateful' for their decision

An Australian family have repeatedly turned down offers to sell their house - and they aren't the only ones confident in their decision.

Let's be realistic if you were offered an eye-watering amount of money like, oh let's say AUD $50 million, which is just shy of $34 million, there is no way in hell that you'd be turning that down - so why would anyone else?

However, for the Zammit family, the answer was a no-brainer.

The property is located by Quakers Hill, Sydney and sits on 20,000 square meters of land, meaning it is more than three times larger than President Joe Biden's White House.

The Hambledon Road home is situated to the west of the city, and used to be surrounded by fields - that was until developers bought the land from their neighbours and began to build an entire suburb.

Now, the Zammit family sit among what would appear to be endless new-build development homes.

And it almost appeared to happen instantaneously if this time lapsed video is anything to go by.

However, the family have never discussed why they have repeatedly turned down the offers to up sticks and leave.

The Zammit family home sits amongst a sea of new-build houses. (7News)

In an interview with The Daily Mail Australia, mother Diane Zammit spoke nostalgically about the ‘farmland dotted with little red brick homes and cottages’ that used to be the hallmark of the area.

"Every home was unique and there was so much space - but not anymore." she said last year.

Despite the constant offers, the family have maintained to their decision - which is something that local real estate agent Taylor Bredin commended them for.

He 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.”

If it means anything to the family, their immediate neighbours are also thrilled that they haven't sold up.

The Aussie family refused a $50 million offer from developers who constructed a suburb around their entire property. (7News)

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 neighbors don't get that because the other houses are so close together.

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

I guess the Zammit's are just sticking it to 'the man', as they have also previously told those who wish to build tons of expensive houses in the area to keep 'dreaming'.

I definitely wouldn't refuse that kind of money, but fair play to them.