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McGrath Estate Agents has auctioned its latest tranche of government-owned Millers Point properties in Sydney, selling four blocks of units for $21,926,000.
The result meant that McGrath has maintained its 100 per cent clearance rate in this exercise.
Since August 2014, the agency has sold 157 properties as part of the Millers Point Sales Program, with a total value of over $505 million.
Four small blocks of apartments were the latest to be sold on High Street as the final part of the program.
McGrath Edgecliff agent Andrew Stewart said that there was “very competitive” bidding. There were 15 groups registered, of which eight actively bid, amounting to a total of 98 bids across the four auctions.
Mr Steward said that the buyers were a mix of couples buying for investment on behalf of their families and small groups of individuals joining together so they can invest in this growth area.
“The continued strength of the Millers Point property market should come as no surprise to those who appreciate its evolution.
“As homes are being renovated and occupied, a new community is coming together. With new parklands, retail and transport coming online now, and over the next few years, Millers Point will soon be the envy of all Sydneysiders.
“For these reasons, we expect property values in the area to continue to strengthen, possibly even outpacing the rest of Sydney in terms of price growth.”
All four of the properties were marketed by Lorraine Crawford, Peter Starr and Andrew Stewart of McGrath Edgecliff.
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 & Community Services (FACS).
It said that the proceeds are to be reinvested into the supply of more than 1,500 new social housing dwellings across Sydney and regional NSW.
The four latest properties are:
2-4A High Street – $5,500,000
6-8A High Street – $5,560,000
4-16A High Street – $5,420,000
34-36A High Street – $5,446,000
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