A couple who bought land hoping it would be worth more than $5.5 million to fund their retirement have lost a legal battle with Transport for NSW after their rural acreage was swallowed up by the Pacific Highway upgrade for a fraction of the price.
Raymond and Wendy Dibb bought 2.7 hectares at Korora, outside Coffs Harbour on the New South Wales north coast, for $118,000 in 1988 with a plan to subdivide it into 26 lots and sell it in the coming years.
They planned to finance the development with a credit loan from their eldest son, who co-founded a gold mining company in Africa.
Property speculation seemed destined to pay off when in 1996 Coffs Harbour City Council rezoned the land as residential, paving the way for redevelopment.
But five years later, the New South Wales government urged the council not to rezone the land until a new route for the Pacific Highway was decided.
Transport for NSW compulsorily acquired the land in 2021, valuing it at $1.062 billion, five times less than the couple’s estimate.
The Dibbs took Transport for NSW to court, arguing it was actually worth $5.5 million, but lost the case in late June and the court awarded them just $1.359 million in compensation.
“This was a pretty big financial transaction that really went wrong for us,” a devastated Raymond Dibb told the The Sydney Morning Herald.
Raymond and Wendy Dibb bought 2.7 hectares at Korora, outside Coffs Harbour, for $118,000 in 1988 with a plan to subdivide it into 26 lots and sell it over the next few years.
The Pacific Highway bypass near Coffs Harbour is expected to open to traffic by late 2026. Current roadworks between Bruxner Park Road and West Korora Road are shown here.
‘And it has nothing to do with our investment decisions.
‘We’re talking about landowners who are just minding their own business, and someone knocks on their door and says, “We’re going to take your land.”‘
Mr Dibb said most landowners had struck deals with the government “with a gun to their heads” at prices far below the value of their land.
He claimed Transport for NSW originally offered the couple just $470,000 for their land five years ago.
“I can’t let this go because we’re talking about millions of dollars,” Dibb said.
“We could have resolved this much sooner if it was just the self-interest aspect, but with the amount of people I’ve spoken to over the years (whose land was affected by the bypass), you’d break down and cry to hear their stories.”
Mr Dibb said he was considering taking the case to the High Court.
The Pacific Highway is Australia’s largest road infrastructure project, costing $2.2 billion.
Daily Mail Australia has contacted Transport for NSW for comment.
The Pacific Highway is Australia’s largest road infrastructure project, costing $2.2 billion.
The Dibbs’ land will be the site of a major intersection when the bypass opens to traffic in late 2026.
(tags to translate)dailymail
