The final tranche of government-owned properties in Millers Point have now been sold with a 100 per cent clearance rate.
McGrath Estate Agents has confirmed that the last two remaining properties in the program have sold for $2.71 million and $3.051 million, respectively.
The Millers Point sales program began in 2014 and McGrath has maintained a 100 per cent clearance rate selling 160 properties for a total value of over $518 million.
Property NSW’s chief executive, Brett Newman, said that the project had brought in over $600 million for social housing across the state.
“We’ve now sold over 189 properties, yielding more than $608 million for new social housing across the state.
“Our sale program has capitalised on the booming Sydney property market in recent years, and despite recent headwinds felt across the residential property market, demand for these properties has been strong given their prime location.”
McGrath founder and executive director John McGrath said that the program’s success was a testament to the hard-working team behind the sales.
“These two strong results bring the company’s Millers Point sales program to a close. Despite a cooling market in Sydney, demand for high-quality properties continues and we’ve achieved a 100 per cent auction clearance rate throughout this campaign,” the founder said.
McGrath agent Peter Starr said that the entire campaign had been successful and the latest auction had proved very popular.
“It was an excellent result, with strong buyer activity as a scarcity of stock is available in this sought-after precinct. The terraces were particularly popular with home owners as they presented a restoration opportunity to create a timeless family home in a highly unique and sought-after location,” Mr Starr said.
McGrath has sold over 160 properties as part of the program, with the highest price being $26 million in 2017 for a unit block compromised of 33 apartments in the historic Workers Dwellings.