Vacated Millers Point four level terrace fetches $1,911,000 at private state government auction

Vacated Millers Point four level terrace fetches $1,911,000 at private state government auction
Vacated Millers Point four level terrace fetches $1,911,000 at private state government auction

The jubilant Minister for Family and Community Services, Gabrielle Upton, and Minister for Finance and Services, Dominic Perrottet, have announced the first sale of a government-owned heritage property at Millers Point sold at McGrath auction for $1,911,000 tonight.

The news of the sale price was broken on Twitter by 2GB, with bidding starting at $1 million.

The last public housing tenant paid $77.20 a week rent at the property which had revised price guidance of $1.3 million plus. It has water views over Walsh Bay.

An initial price guide of $1 million plus was suggested for the rundown four-bedroom heritage-listed home which has been vacant since early 2011.

“For every Millers Point property that is sold, we can build three modern properties that are more accessible and comfortable,” Upton said after the auction.

She said the sale was "a win" for the 58,000 households on the waiting list for public housing because it helps make the social housing system more sustainable and will help get new properties in the system sooner.”

But activists says that the minister who introduced the relocation policy, Pru Goward has thrice declined to commit all sale proceeds to public housing.

The first property to go under the hammer, 119 Kent Street (pictured above), received strong buyer interest with more than 200 groups inspecting the four bedroom, four level property in the first two weeks of its listing.

That was despite property inspections being strictly by appointment, with buyers teeing it up with the listing agent.

There were also more than 1,500 enquiries received through the real estate agent’s website and more than 50 pre-auction very bulky contracts were issued.

There are currently five other properties on the auction market - including through Di Jones Real Estate - as part of the government’s latest tranche of sales in the Millers Point precinct.

The original 30 or so who buyers who bought into the area over the past few years on 99-year leases are unimpressed that the latest offerings are being sold as freehold.

But it was concerns of activist tenants turning up to distrupt the auction, that there was the silly non-disclosure as to the location of the auction by the vendors, the state government.

Conditions of entry to the auction, drawn up by Government Property NSW and obtained by Fairfax Media, was intent on banning any form of video, audio or photography.

All media outlets were to be denied entry.

Almost 600 public housing tenants will be relocated across 293 homes for the two years sales program, which has been described by critics as ''social cleansing''. Even the Pet Shop Boys during their recent visit tweeted their concern as to the relocation outcome.

There are about 220 terraces and 70 apartments.  

One of the properties is a four-bedroom 1840 Georgian house called Tarra, that has views of the Opera House from underneath the bridge.

The strict silly auction rules were reported by The SMH as including:

  1. As the auction will be held on private property, McGrath reserves its rights.
  2. Admittance to the auction is for bona fide buyers who are in a position to purchase the property on the night.
  3. Due to restricted space, only pre-registrations will be accepted and only two people per group are permitted.
  4. No press or media or other real estate agents will be permitted entry.
  5. No video, audio or still photography will be permitted.
  6. Individuals that cause disturbance on the night or during the auction process will be asked to leave or may be removed.
  7. You will be asked to sign the above conditions of entry on the night.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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