The recent sale of several Department of Housing properties in Sydney’s Millers Point have raised a number of eyebrows because their sales result was so far out of line with their sales agents’ expectations.
Marketed by different sales agents both properties sold for significantly more than the official price guide quoted.
119 Kent Street sold for $1,911,000 and 29 Lower Fort Street for $2,560,000, 35.5% and 45% more than their official guides respectively.
http://www.propertyobserver.com.au/forward-planning/advice-and-hot-topics/35224-underquoting-sydney-spring-auction-market.html
Tuesday 2 September 2014
What's Going On at Miller's Point?
Last week the first two sales of two state-owned properties at Millers Point went under the hammer.
The estimated price tag for one of these houses was between $1.5 to $1.6 million dollars, but it sold for $2.56 million. The second property which was initially set at around one million, sold for a massive one million, nine hundred thousand dollars.
The state government has refused to disclose what the reserve price was for these first two auctions, leaving many wondering about the nature of these two sales.
Opposition Housing Minister Sophie Cotsis joined host Sam King, to talk us through her concerns.
Producer: Kim Williams
http://www.2ser.com/get-involved/jobs/item/10829-what-s-going-on-at-miller-s-point
The estimated price tag for one of these houses was between $1.5 to $1.6 million dollars, but it sold for $2.56 million. The second property which was initially set at around one million, sold for a massive one million, nine hundred thousand dollars.
The state government has refused to disclose what the reserve price was for these first two auctions, leaving many wondering about the nature of these two sales.
Opposition Housing Minister Sophie Cotsis joined host Sam King, to talk us through her concerns.
Producer: Kim Williams
http://www.2ser.com/get-involved/jobs/item/10829-what-s-going-on-at-miller-s-point
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