Latest Millers Point offerings fetch over $20 million

The NSW Government's sell off of historic Millers Point properties continues, with three more fetching just over $20 million at a recent auction.

The sell off began in August 2014, which has now seen 153 properties sold for a total over $483 million.

The latest properties sold were on High Street at Millers Point.

The priciest was a block of eight Federation-style two bedroom units at 22-28A High Street (above) which sold for $9.6 million.

Another block of four Federation-style units down the road at 18-20A High Street (below) sold for $5,106,000 on the night.

The third block of four three bedroom units at 5-7 High Street sold for $5,605,000 through Sydney Sotheby's.

McGrath handled the sales of the other two properties.

There were a total of nine registered bidders across both properties.

Agent Andrew Stewart said similar blocks in High Street and its surrounds have now been restored and are achieving solid investment returns.

“The rental market in Millers Point continues to strengthen as more people become aware of the suburb and what it offers," Stewart noted.

"While in the past the suburb was predominately social housing, it’s now evolving into one of Sydney’s most sought after residential destinations with a mix of owner occupiers and rental properties.”

McGrath agent Peter Starr said that long term investors recognised that the Millers Point precinct offered substantial medium to long term capital gain opportunity, with the pool of potential tenants from Barangaroo (30,000 when complete) a significant drawcard.