The house at of 119 Kent Street was initially marketed through McGrath's Peter Starr for more than $1 million. Due to the high level of interest, the price guide was was revised to more than $1.3 million ahead of the auction.
The private auction was held at McGrath Estate Agents' head office in Edgecliff with only vetted pre-registered bidders invited to attend. On arrival potential buyers were required to show their cheque book before they were were allowed to enter.
An auction attendee advised Domain of the sale price and said "everyone in the room was shocked".
Bidding started at $1 million but then jumped up to $1.45 million. It was purchased by a buyer who appeared to be in his thirties.
The Minister for Finance and Services, Dominic Perrottet, said "this initial sale is an excellent test for the market".
| Sold: 119 Kent Street, Millers Point sold for $1.9 million at a private auction on Thursday night. |
Millers Point: a community under the hammer
The four-bedroom unrenovated terrace had been vacant since February 2011. The last public housing tenant paid $77.20 a week in rent.
There were approximately 80 people present at the auction. More than 50 pre-auction contracts were issued for the property.
One of the conditions of entry specified that only two people per group were allowed to attend due to "restricted space".
Members of the Millers Point community were gathered outside the auction to protest the government sell-off.
The house is the first of 293 state-owned properties to be sold in the Millers Point precinct.
The remainder will be sold off over a two year period with the next auction taking place on Tuesday August 26.
There are currently five freehold Millers Point homes listed on Domain.com.au.
Resourced: http://m.smh.com.au/domain/real-estate-news/first-millers-point-property-sells-for-19-million-20140821-106usl.html
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