| This house at 29 Lower Fort Street, Millers Point, had a price guide of $1.5 million-$1.6 million. It sold on Tuesday for $2.56 million. |
Ms Cotsis has formally written to Fair Trading Commissioner Rod Stowe to demand an investigation after two terraces at Millers Point sold for significantly higher than the price guide provided to potential buyers.
"The NSW government must halt the sale of public housing properties in Millers Point and investigate the massive discrepancies between the advertised prices and the final sale prices for these properties," she said.
| This house at 119 Kent Street, Millers Point, had a price guide of more than $1.3 million. It sold last week for $1,911,000. |
The first state-owned property to be sold, at 119 Kent Street, went for $1,911,000 at auction. The initial price guide of more than $1 million was revised to more than $1.3 million before the auction.
Another state-owned property, at 29 Lower Fort Street, stunned onlookers when it sold on Tuesday for $2.56 million. The price guide on the day of the auction was quoted as between $1.5 million and $1.6 million.
The state government has refused to disclose what the reserve was for the first two auctions.
Ms Cotsis also criticised the private nature of the auction campaigns.
"When I tried to inspect the first auction, I was denied entry, even though these are public assets," she said.
"The NSW Liberals are holding these auctions in secret, which raises concerns that taxpayers may not be getting the proper value of these assets."
| Millers Point: a community under the hammer |
A real estate agent who has been closely watching the sales has suggested that the first property at 119 Kent Street was "under sold".
"I believe that one should have gone for between $2.5 million and $2.7 million," Edwin Almeida from Just Think Real Estate said.
"The young man who bought it has just won himself the lottery at $1,911,000."
A representative of Fair Trading said "we treat any evidence of underquoting seriously".
"NSW Fair Trading has received a letter from Ms Cotsis this afternoon regarding public housing sales in Millers Point and we are looking into her request."
RESOURCED: http://smh.domain.com.au/real-estate-news/nsw-opposition-calls-on-fair-trading-to-investigate-sales-of-stateowned-millers-point-homes-20140828-109jpc.html
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