About millers point public housing sale

What are the chances of getting a gf in the backyard considering one of these is a corner block? ;)

Shouldn't be a problem scottie ie:girlfriend that is ;)

Yep, Lower Fort Street is a much better spot - $2.56 is a bargain.

I agree in hindsight.


Pity you can't pick one of these up pre-auction,seeing there auction results surpasses there estimates.

Seems to be plenty of interest...If only i had the $$$,love the old terraces and location.
 
I've been following the Millers Point 'adventure' for some time and I'm jealous of those in a position to make a move. I'm a huge fan of terrace houses and heritage buildings but the price point is just out of my league. They'll make awesome investments when looking at the long term and congratulations to anyone on here that is able to pull the trigger on one.
 
Fascinating reading the stories for these properties...and I still can't get my head around the sense of entitlement from the "opposition" and picketers - I read somewhere that a family had been in that housing commission area for 3 generations!?

Hope we will hear of the renovation/leasing successes from atleast some of these properties on the forum eventually.
 
Government left red-faced after Millers Point sale

Buyers were expecting the rundown terrace to sell for between $1.5 million and $1.6 million. They were off by $1 million.


The state government has been left red-faced after the first two houses to be auctioned at Millers Point sold for significantly higher than the price guides provided to buyers.

Onlookers were stunned at the Tuesday night auction of 29 Lower Fort Street when the derelict terrace sold for $2.56 million. The price guide earlier in the day was between $1.5 million and $1.6 million.

Last week the first state-owned terrace to be sold at 119 Kent Street, Millers Point, went for $1.9 million. The initial price guide of $1 million had been revised to more than $1.3 million ahead of the auction by Peter Starr from McGrath.

The selling agent on Tuesday night, Rohan Aalders from Di Jones, cited a lack of comparable sales in Millers Point.

"We had to work with what little comparables we had and rely on the market to tell us the figures," he said.

"We spoke to 60-plus people ... the highest number we were hearing was the price guide."

Edwin Almeida from Just Think Real Estate has been following the first two sales closely. He said when a property sold for 10-15 per cent over the price guide it was typically a case of buyers getting carried away.

"But when you are talking 90 to 100 per cent over the price guide, you have to raise questions," he said.

In the aftermath of Tuesday's staggering result, Minister for Finance and Services Dominic Perrottet distanced himself from the price guides given to buyers.

"The price guides for properties at Millers Point are determined by the real estate agent based on market feedback," he said. "This process is independent of the NSW government."

Although the state government does not set the price guide, as vendor they do set the reserve.

The state government refused to disclose the reserve price. The government also declined to share information about the initial independent valuation of the property.

Buyer's agent Patrick Bright said: "We don't know if it's underquoting or not because we don't know what the reserve was.

"Given that auctions are meant to be a transparent way to sell property, why all the secrecy around all of this? Why not just share the information?"

When a spokesperson for the Department of Fair Trading was asked whether a house sale that is $1 million above the price guide was something the department would look into, they replied: "A gap between the initial advertised price and the final sale price is not necessarily proof of underquoting."

But the spokesperson went on to say that an example of underquoting is "when a property is promoted at a price that is less than the seller's asking price or auction reserve price".

In any property transaction, disclosing the reserve is at the discretion of the vendor.

Mr Perrottet said he welcomed the strong result "as the proceeds of these sales will be invested back into social housing to assist the 58,000 people currently on the waiting list".

http://smh.domain.com.au/real-estat...after-millers-point-sale-20140827-108xu9.html
 
Can we believe the spin of the govt? This isn't some back of the envelope calculation to dispose of govt property, they would have had valuations done on these (not just an agent's guesstimate). The opposition know the process, I have disposed of plenty of govt assets over the years and all backed up by valuations and then appraisals prior to going to auction - all signed off by the relevant department.

Someone's just looking to stir the pot as they are changing social policy (asset renewal strategy).

The first sales are going to be out of whack due to lack of evidence the 150th might be on the mark.
 
I'd like to see the reserves disclosed.

It would be a good move in my opinion for all future auctions to have the reserve disclosed as part of a listing.
 
...The price guide earlier in the day was between $1.5 million and $1.6 million......"We spoke to 60-plus people ... the highest number we were hearing was the price guide."


As a general comment here, I'd like to pose a question: "What buyer in their right mind, would disclose to a selling agent, what the maximum price is that they intend to pay at an auction?"

In my view, it is not a valid strategy to ask Open for Inspection attendees for their estimate of price - they are or the most part 'unqualified'.
 
The $1.6m estimate was a bit low. One sold $2.6m and its a run down dump.
the buyer has no obligation to retain heritage etc. Wonder if someone with really deep pockets plans to bid for a line and demo the lot and go up ?

All attendees had to pre-register and be vetted for capacity to make a genuine bid, no phones. no cameras. They were determined to keep the protest element out of the undisclosed location.

The $2.6m property had a history of being rented for $60 a week before the former public housing occupant left.
 
The $1.6m estimate was a bit low. One sold $2.6m and its a run down dump.
the buyer has no obligation to retain heritage etc. Wonder if someone with really deep pockets plans to bid for a line and demo the lot and go up ?

All attendees had to pre-register and be vetted for capacity to make a genuine bid, no phones. no cameras. They were determined to keep the protest element out of the undisclosed location.

The $2.6m property had a history of being rented for $60 a week before the former public housing occupant left.

A fat 0.12% yield. :)
 
The $1.6m estimate was a bit low.
Ya think? :p

One sold $2.6m and its a run down dump.
Yeah it was $2.56M and it was the dilapidated one I purchased for clients.


the buyer has no obligation to retain heritage etc.
No, there is a heritage conservation issue to be complied with as part of the sale conditions.
http://somersoft.com/forums/showpost.php?p=1203526&postcount=27


Wonder if someone with really deep pockets plans to bid for a line and demo the lot and go up ?
No, all subject to heritage overlays.

All attendees had to pre-register and be vetted for capacity to make a genuine bid, no phones. no cameras. They were determined to keep the protest element out of the undisclosed location.
Yes, and yet at 2 of the last 2 auctions I attended, we had to run the gauntlet of the protesters. At least the coppers were there to give us safe passage.:eek: As for the "secret locations", well I don't know, but of it is not held onsite, do you think the selling agent's rooms might be a good guess?

The $2.6m property had a history of being rented for $60 a week before the former public housing occupant left.
Yes, previous tenant was paying $77.20pw to live in his $2.5M house by the Harbour.
 
Do they allow a B & P inspection before auction?
Yes, but the P&B is not going to tell you anything you don't already know, as the COS were full of disclosures about old termite damage etc. Some prospective purchasers also engaged Heritage Architects to inspect too.
 
Thank you Propertunity.

Btw my last work stint in sydney,seen some nice housos in N Sydney.

Met Ray Meagher aka alf from home and away on my travels.A genuine nice bloke and has a nice abode on alfred.

Great area,one day if only...
 
No fancy extensions, City of Sydney tells new Millers Point buyers

Buyers of former public housing properties at Millers Point would be barred from adding new rooms or extra storeys under changes proposed by the City of Sydney to protect the heritage-listed homes.

The proposal could severely hamper the renovation plans of new residents of the soon-to-be exclusive suburb, slash sale prices and lower the return to government from the controversial public housing sell off.

It comes amid figures released last week showing more than 59,000 NSW households were waiting for social housing in June, a 3.6 per cent jump on last year. The government says proceeds from the Millers Point sales will help alleviate the waiting list.

The government intends to sell more than 200 historic homes at Millers Point, relocating public housing tenants. Six homes have been sold so far, netting the government more than $15 million.

Sydney Lord Mayor Clover Moore has vehemently opposed the plan. A proposal to go before a council committee this week would limit buildings at Millers Point to their existing size.

The present controls ? which were largely untested while the buildings were in public hands ? allow nine-metre tall buildings and a 2-to-1 "floor-space ratio", which means a building's floor space can be double the size of the block of land.

A council report said those rules would allow expansions between 30 and 110 square metres, equating to an extra bedroom or additional storey, which "will have a significant

impact on ? the integrity of the conservation area and heritage items".

Under the proposal, minor height and floor space increases may be considered, but they must be consistent with conservation plans for each property.

The NSW Heritage Council had asked the City of Sydney to urgently review the controls, saying home buyers were likely to "seek to maximise ? development potential" and development constraints "should be reflected in the market value of the properties".

Real Estate Institute of NSW president Malcolm Gunning said the change would drive down sale prices.

"People have bought [the homes] with the idea of being able to do more with it," he said.

"[The proposal] will affect the price because, in their current form they are probably not worth the money [being] paid".

Mr Gunning said reducing the allowable floor space by 30 square metres could knock more than $350,000 off the value of a property.

The proposal puts the council on a collision course with Planning Minister Pru Goward, who orchestrated the controversial sell-off in her previous portfolio and must sign off on the council's plan before it goes on public exhibition.

Community Services Minister Gabrielle Upton and Finance Minister Dominic Perrottet would not comment. In a statement, Government Property NSW said it was unaware of the proposed changes, which it said may require planning department approval.


Read more: http://www.smh.com.au/nsw/no-fancy-...int-buyers-20141026-11a00v.html#ixzz3HJQohtmf


Hopefully this will cause the prices of the remaining 200+ properties to be lower than the 1st 6
 
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