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McGrath Estate Agents has sold the latest tranche of government-owned Millers Point properties for 14.7 million.
The latest tranche was two blocks of units. One block was eight federation-style two-bedroom units for $9.6 million, while the second was a block of four federation-style units for $5.1 million.
In total, since August 2014, McGrath has sold 153 properties with a total value of over $483 million as part of the Millers Point sales program.
McGrath agent Andrew Stewart said that there was strong interest in the properties from the investor market, with a total of nine bidders across the properties.
“The rental market in Millers Point continues to strengthen as more people become aware of the suburb and what it offers. While in the past the suburb was predominately social housing, it’s now evolving into one of Sydney’s most sought-after residential destinations with a mix of owner-occupiers and rental properties,” Mr Stewart said.
McGrath agent Peter Starr said that the Millers Point precinct offered substantial medium to long-term capital gain opportunities, with potential tenants from Barangaroo a significant drawcard.
“As the Millers Point campaign comes to a close, the scarcity of stock will be an important motivator for buyers,” Mr Starr said.
In all, approximately 290 NSW government-owned properties in Millers Point are to be sold, according to Property NSW, which will be managing the process on behalf of Family and Community Services (FACS).
The entity said that the proceeds are reinvested into the supply of more than 1,500 new social housing dwellings across Sydney and regional NSW.
The highest-value single property sold to date is a block of 12 one-bedroom apartments which sold for $12.3 million.
The latest tranche was marketed by Lorraine Crawford, Peter Starr and Andrew Stewart of McGrath Edgecliff.
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