First Miller's Point auctioned for $1.911 Mil tonight. Wow.
http://smh.domain.com.au/real-estat...rty-sells-for-19-million-20140821-106usl.html
http://smh.domain.com.au/real-estat...rty-sells-for-19-million-20140821-106usl.html
About millers point public housing sale
- Thread starter bryansun
- Start date
First Millers Point terrece sold for $1911000 tonight reported by smh. From a capital growth point of view I don't actually think it is that bad of a buy considering its awesome location and being land locked on Sydney harbour. Could only imagine what it would be worth renovated in 10 or 15 yrs time. Couldn't think of anything better than walking out the front door and doing an evening walk around the harbour every night.
I thought it would go for more than $1.9m. I'm a bit out of touch, but I thought an unrenovated terrace that size in Newtown or Erko would be close to that and Millers Point will be a great place to live down the track.
Less of a premium to be paid as the houses are leasehold not freehold.
Not these 5 examples scottie re:leasehold,
http://www.domain.com.au/search/buy...uburb/millers-point/?searchterm=millers+point
Anyhow,Awesome location and love the old terraces too.
http://www.domain.com.au/search/buy...uburb/millers-point/?searchterm=millers+point
Anyhow,Awesome location and love the old terraces too.
Yep, freehold and the heritage restrictions have more or less gone. There will be some awful things done to some of those great old homes.
No, they are freehold.
No, the contracts of sale run to over 1,000 A4 pages, mostly regarding the heritage conservation requirements. Each individual house comes with its own Schedule of Works and Conservation Management Plan (another few hundred pages), which must be complied with.
AFAIK, everything in Millers Point is on 99 yr leasehold - this must be an anomoly.
There might have been a document on heritage expectations, but it's pretty loose:
http://www.smh.com.au/nsw/heritage-rules-scrapped-for-millers-point-buyers-20140811-102mdc.html
http://www.smh.com.au/nsw/heritage-rules-scrapped-for-millers-point-buyers-20140811-102mdc.html
Two more terraces are listed today - 11 & 23 Lower Fort St.
What are the chances of getting a gf in the backyard considering one of these is a corner block?
What are the chances of getting a gf in the backyard considering one of these is a corner block?
Scott, you may be getting that thought from:
In 2006, the Iemma Labor government announced the 99-year lease of 16 Millers Point properties, saying the revenue would contribute to the public housing budget. The homes were sold two years later. It was supposed to be a one-off, but another 20 properties were added in 2010. Many fetched more than $1 million. Residents complained their homes were in terrible disrepair, and would become cause for Housing NSW to relocate them.
Let's see how tonite's auction goes.
Propertunity is right. I have beeb following the Millers Point property sale for a long time as I'm looking to purchase one.
I was initially interested in the purchasing 119 Kent Street and contacted the agent and asked for the Schedule of Works. After reading through it (23 pages in total), I changed my mind. The amount of work needed for that house is extensive and you had to conform to the heritage rules. Its been unoccupied since 2010, so you can imagine the state it was in.
Infact, before you were allowed to inspect the property you had to read and sign a Visitor Safety Requirements which states;
1. All visitors to wear appropriate clothing and footwear. Flat soled enclosed shoes are mandatory.
2. No more than SIX people are to be allowed inside the building at any one time including the
presence of the agents.
3. No more than two people should access any one room at any one time.
4. Access is restricted to the stairs, the hallways at each level and the areas of floor in any
room that are covered in plywood.
5. Do not lean against any railing.
6. Do not disturb, lean against or swing off any props.
7. Beware of potential trip hazards.
8. The building is not suitable for access by children under the age of 16, persons of limited
mobility or persons under the influence of alcohol or drugs.
I am still looking to purchase a Millers Point property, and with more than 200 properties up for grabs, I won't be in a rush. But have now narrowed my search to those properties which are currently being tenanted rather than those that have been left empty for the past 2-3 years. The amount of money and refurbishment needed for those are massive.
Yes, that was me on behalf of my clients
It took longer than the auction itself to sign off on all the contracts, but at least all the protesters had gone home by the time we left the building.
Yep, Lower Fort Street is a much better spot - $2.56 is a bargain.
Yes, that was me on behalf of my clients
It took longer than the auction itself to sign off on all the contracts, but at least all the protesters had gone home by the time we left the building.
Congrats on the successful purchase!
Ex-Housing commission. Ewwwww.
Not just any ex-housing commission houses.
