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McGrath Estate Agents has sold its final 2017 tranche of government-owned Millers Point properties for $22,901,000.
Seven properties sold under the hammer this week, including a rare Colonial Georgian home bought for $6.3 million.
McGrath has maintained its 100 per cent auction clearance rate in the Millers Point sales program, having sold 144 properties since August 2014 with a total value of over $440 million.
McGrath founder and executive director John McGrath said that the result is illuminating.
“Last night was a very strong result for the Millers Point portfolio which highlights how demand for high-quality property continues, despite the residential market levelling off this year,” Mr McGrath said.
“Our 100 per cent auction clearance rate to date is an amazing result and a testament to the hard work of the entire team.”
Mr McGrath said that the Millers Point sale program has added value to the Sydney property landscape.
“Millers Point is fast becoming Sydney’s most desirable address and will continue to rise in value from here into the future.
“With Barangaroo, Sydney Harbour and the CBD as its neighbours, plus the Sydney Theatre Company and Opera House in its backyard, it now sits among the best addresses in the world.”
McGrath Edgecliff agent Lorraine Crawford said that the program delivered a good mix of both price and style of property.
“This resulted in a diverse range of buyers from investors to home owners, from young couples to downsizers,” Ms Crawford said.
“[The colonial Georgian home] had healthy bidding from two buyers who appreciated the heritage significance and the potential for it to be a grand home with parking on a large block in the beautiful suburb of Millers Point.”
Throughout 2017, McGrath sold 41 properties as part of the Millers Point sales program, comprising several blocks of units, terraces and apartments.
The highest price achieved was $26 million in September for the historic workers dwellings.
Looking ahead to 2018, Ms Crawford said that she expects the Millers Point precinct to continue to have solid growth with the ongoing development of Barangaroo Central, the new Metro line and the proposed walkway from High Street to Barangaroo.
The agent said: “We are also seeing many of our buyers who have purchased previously completing their renovations and moving in, which is having a positive effect and creating a real sense of community.
“The precinct continues to be a unique proposition for investment and living, and with only a handful of terraces remaining as part of the sales program, buyers are not wanting to miss the opportunity to own in arguably the best suburb in Sydney.”
The properties were marketed by Lorraine Crawford, Peter Starr and Andrew Stewart of McGrath Edgecliff.
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