only if you can build on it ... considering the land is at the end of a runway with a few years before the runway is build ..the price is a joke .. ie the owner tossed a unreal price for not selling and some one ok'ed the deal .. only problem is who approved the deal ...
That doesn't matter one bit if it is only the end of the runway. The owner wanted that much and the government paid for it. There is no corruption and is what the government had to pay for it.
Sydney is expensive and everybody needs to recognise that and I suspect the government wanted to control that land for future reasons like avoiding noise issues like the current Sydney airport.
If you think that was a bargain then I have a big bridge on Sydney Harbour for sale. Look the land for Badgerys Creek was resumed by the Commonwealth Government yonks ago. I knew a solicitor down at the Government Solicitors Office years ago who was transferring every piece of property over to the Commonwealth.
Why this particular piece of property was not resumed is a mystery to me. Maybe it was outside the airport zone, who knows. However, in the area it is situated it would not be useful for anything else and not future value as industrial land which is the basis on what it was valued.
I reckon the valuation of under $1M was probably right on the money. One of the valuers involved was quite forceful in his view that the outrageous amount finally paid could not be justified.
When it comes to Crown resumptions, reasonable value must be paid, not what you think you should get for it.