Toby Johnstone 8th Oct 2014
Missing floorboards, cordoned off areas and a personal injury waiver did not stop buyers from paying $1.71 million for the latest Millers Point offering.
The Wednesday night auction of the crumbling three-bedroom terrace at 30 Argyle Place sold in excess of expectations, but considering other sales were more than $1 million above the price guide, it was relatively close.
Buyers who inspected the property told Domain they were given price guidance of "mid-$1 million".
A small crowd of 16 gathered at Ray White's Double Bay office for the auction, with entry restricted to vetted bona-fide buyers.
About 30 protesters from the Millers Point Resident Action Group were outside the auction holding signs and chanting "Aristocrats shame on you".
Bidding started at $1.4 million and four active bidders took the price up to $1,705,000 before it was called on the market
The significantly smaller crowd on the night may have been due to the rundown condition of the property.
Those who organised a private inspection had to sign a waiver should "any personal injury or property damage" occur while inside.
They also had to observe 12 safety requirements, the first of which was that "all visitors are required to wear hard hat, appropriate clothing and covered footwear".
During those inspections no more than four people were allowed inside the heritage-listed property (including the agent) and no more than two people were allowed upstairs at any one time, lest they quickly return to the ground floor. Use of the stairs was strictly one person at a time.
The marketing material noted that the three-level Georgian home was "in need of substantial restoration".
It also suggested the home offered a "rare, affordable entry into this historic harbourside precinct".
The property has been the cheapest so far. The first public housing property to be sold at 119 Kent Street went for $1.9 million.
Millers Point: a community under the hammer
The hammer falling on Wednesday night marks the end of the first wave of public housing properties to be sold by the state government.
Minister for Finance and Services Dominic Perrottet said the sales of the initial six properties would act to test the market and help to shape future sales in the precinct.
The first six Millers Point sales have netted the state government just over $15 million. The average sale price has been $2.51 million.
There are still more than 200 houses to be sold within a two-year period in the Millers Point precinct.
Asked when the next public housing properties would come up for sale, a spokesperson for the Department Finance and Services said there was "no update for the next stage".
RESOURCED: http://theage.domain.com.au/real-estate-news/unliveable-millers-point-home-sells-for-171-million-20141008-1134xl.html
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| This house at 30 Argyle Place, Millers Point, sold for $1.71 million at auction on Wednesday night. |
The Wednesday night auction of the crumbling three-bedroom terrace at 30 Argyle Place sold in excess of expectations, but considering other sales were more than $1 million above the price guide, it was relatively close.
Buyers who inspected the property told Domain they were given price guidance of "mid-$1 million".
 |
| Those who inspected the property had to wear hard hats and closed shoes. |
About 30 protesters from the Millers Point Resident Action Group were outside the auction holding signs and chanting "Aristocrats shame on you".
Bidding started at $1.4 million and four active bidders took the price up to $1,705,000 before it was called on the market
 |
| No more than four people at a time were permitted inside the structurally unsound house. |
Those who organised a private inspection had to sign a waiver should "any personal injury or property damage" occur while inside.
They also had to observe 12 safety requirements, the first of which was that "all visitors are required to wear hard hat, appropriate clothing and covered footwear".
During those inspections no more than four people were allowed inside the heritage-listed property (including the agent) and no more than two people were allowed upstairs at any one time, lest they quickly return to the ground floor. Use of the stairs was strictly one person at a time.
The marketing material noted that the three-level Georgian home was "in need of substantial restoration".
It also suggested the home offered a "rare, affordable entry into this historic harbourside precinct".
The property has been the cheapest so far. The first public housing property to be sold at 119 Kent Street went for $1.9 million.
Millers Point: a community under the hammerThe hammer falling on Wednesday night marks the end of the first wave of public housing properties to be sold by the state government.
Minister for Finance and Services Dominic Perrottet said the sales of the initial six properties would act to test the market and help to shape future sales in the precinct.
The first six Millers Point sales have netted the state government just over $15 million. The average sale price has been $2.51 million.
There are still more than 200 houses to be sold within a two-year period in the Millers Point precinct.
Asked when the next public housing properties would come up for sale, a spokesperson for the Department Finance and Services said there was "no update for the next stage".
RESOURCED: http://theage.domain.com.au/real-estate-news/unliveable-millers-point-home-sells-for-171-million-20141008-1134xl.html
