Auctions raise $75m and counting

McGrath Estate Agents Edgecliff has helped NSW raise funds for social housing by selling four historic government-owned homes.

The Sydney agency fetched a combined $11.4 million for the 19th century homes, which are located in the inner-city suburb of Millers Point.

NSW has now raised more than $75 million through the sale of 33 Millers Point properties, according to Government Property NSW CEO Brett Newman.

“We continue to see remarkable interest in these unique properties, with buyers attracted to their location, tremendous potential and the historical significance of Millers Point,” he said.

Mr Newman said money raised from the sales will be used to provide “much-needed social housing” across the state.

Almost 100 new dwellings have so far been built in Beverly Hills, Casula, Chester Hill, Condell Park, Gymea, Kingswood, Lurnea, Miranda, Mount Warrigal, Padstow, Warilla and Yagoona.  

The government ultimately plans to supply more than 1,500 new social housing dwellings.

[Related: Industry urged to back affordable housing initiative]

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