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| Record price: This five-bedroom home at 11 Lower Fort Street, Millers Point, sold for $3.95 million - $1.25 million above the price guide. |
A double Millers Point auction on Thursday evening has netted the state government just over $6.6 million but cast further doubt over the accuracy of the price information being given to buyers.
Both terraces auctioned at McGrath Estate Agents' head office in Edgecliff sold for about $1 million more than the official price guides.
The first property offered at 11 Lower Fort Street set a new suburb record, selling for $3.95 million.
The five-bedroom home had been initially listed at more than $2.2 million but the price guide was revised to more than $2.7 million ahead of the auction.
The second Millers Point offering at 23 Lower Fort Street sold for $2,685,000 to a couple from the inner west.
The smaller four-bedroom home initially had a price guide of more than $1.2 million but that was revised during the campaign to more than $1.7 million.
After the auctions the Shadow Minister for Housing, Sophie Cotsis, called on the state government to be "more transparent" about the sales process.
"Obviously the price guides are just not giving an accurate indication to buyers," she said.
Entry to the auction was strictly limited to vetted "bona fide" buyers. In a similar fashion to the first Millers Point auction, buyers had to show their cheque book before they were allowed to enter.
An auction attendee advised Domain of the sale prices.
The more expensive Victorian terrace at 11 Lower Fort Street is on a 224-square-metre block and has views over Walsh Bay.
The smaller offering on the evening at 23 Lower Fort Street is an 1840s house called 'Tarra'. Spread over four levels the property has views of the Opera House from the front balcony as well as north-westerly views over the harbour at the rear.
Millers Point: a community under the hammer
The first state-owned property to be auctioned at Millers Point sold for $1.9 million on August 21. The price guide for 119 Kent Street had been more than $1.3 million.
The second Millers Point auction was of a larger terrace at 29 Lower Fort Street. The property sold for $2.56 million, well above the price guide of between $1.5 million and $1.6 million.
In the lead up to the most recent auctions McGrath publicly advertised the price guides on Domain.com.au and adjusted them based on buyer feedback.
The remaining 289 state-owned properties at Millers Point and The Rocks will be sold off over the next two years.
Members of the Millers Point community were gathered outside the auction to protest the government sell-off. As buyers entered the premises the protesters chanted: "Hands off public housing".
The previous record price for a house in Millers Point was set in 2009 when a rare freehold home on Lower Fort Street sold for $3.05 million.
RESOURCED: http://smh.domain.com.au/real-estate-news/millers-point-double-auction-nets-66-million-20140911-10ffgu.html
The first property offered at 11 Lower Fort Street set a new suburb record, selling for $3.95 million.
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| Above expectations: This house at 23 Lower Fort Street, Millers Point, sold for $2,685,000 - $985,000 over the price guide. |
The five-bedroom home had been initially listed at more than $2.2 million but the price guide was revised to more than $2.7 million ahead of the auction.
The second Millers Point offering at 23 Lower Fort Street sold for $2,685,000 to a couple from the inner west.
The smaller four-bedroom home initially had a price guide of more than $1.2 million but that was revised during the campaign to more than $1.7 million.
After the auctions the Shadow Minister for Housing, Sophie Cotsis, called on the state government to be "more transparent" about the sales process.
"Obviously the price guides are just not giving an accurate indication to buyers," she said.
Entry to the auction was strictly limited to vetted "bona fide" buyers. In a similar fashion to the first Millers Point auction, buyers had to show their cheque book before they were allowed to enter.
An auction attendee advised Domain of the sale prices.
The more expensive Victorian terrace at 11 Lower Fort Street is on a 224-square-metre block and has views over Walsh Bay.
The smaller offering on the evening at 23 Lower Fort Street is an 1840s house called 'Tarra'. Spread over four levels the property has views of the Opera House from the front balcony as well as north-westerly views over the harbour at the rear.
Millers Point: a community under the hammerThe first state-owned property to be auctioned at Millers Point sold for $1.9 million on August 21. The price guide for 119 Kent Street had been more than $1.3 million.
The second Millers Point auction was of a larger terrace at 29 Lower Fort Street. The property sold for $2.56 million, well above the price guide of between $1.5 million and $1.6 million.
In the lead up to the most recent auctions McGrath publicly advertised the price guides on Domain.com.au and adjusted them based on buyer feedback.
The remaining 289 state-owned properties at Millers Point and The Rocks will be sold off over the next two years.
Members of the Millers Point community were gathered outside the auction to protest the government sell-off. As buyers entered the premises the protesters chanted: "Hands off public housing".
The previous record price for a house in Millers Point was set in 2009 when a rare freehold home on Lower Fort Street sold for $3.05 million.
RESOURCED: http://smh.domain.com.au/real-estate-news/millers-point-double-auction-nets-66-million-20140911-10ffgu.html
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