NSW Government puts community housing up for sale

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The New South Wales government hopes to cash in on Sydney’s recent run of strong capital growth as it puts another lot of community housing properties up for sale.

The government announced this week that it will place another 50 properties, mainly terrace houses up for sale by 30 June as it continues its sale of public housing in Sydney’s Millers Point.

The government began the sell-off in August 2014 and has so far recouped more than $115 million on the back of 47 sales.

The government expects to pull in another $100 million from the additional 50 properties, and expects to have generated $500 million by the time all public housing in the area is sold.

All revenue generated by the sales is earmarked to go towards the construction of new public housing in NSW, with the proceeds from the latest round of sales expected to fund around 1500 new public homes.

“Developments will continue in Yagoona, Condell Park, Casula, Lurnea and Padstow, and when construction is completed we’re planning on having an additional 1500 homes in NSW from the proceeds of these sales,” NSW Parliamentary Secretary Tanya Davies said.

Previous sale proceeds have resulted in new social housing projects in Abbotsford, Bankstown, Bellambi, Bexley North, Birrong, Campbelltown, Canley Heights, Corrimal, Greenacre, Jannali, Kingswood, Narwee, Northmead, Peakhurst, Penrith, Revesby, Seven Hills, Smithfield, Towradgi and Unanderra.

The next round of sales will see 10 properties auctioned on 25 February, and John McGrath, chief executive of McGrath Estate Agency who won the government tender for the sale of the properties, believes buyer interest will be strong.

“Millers Point is one of Australia’s greatest residential precincts, and yet for many years it was relatively unknown as a residential option,” Mr McGrath said.

“It has a unique blend of history which is still evidenced by the historic buildings with a vibrant arts community, yet within a five minute walk to the CBD. With the recently opened Barangaroo Reserve, and the new commercial precinct, this is fast becoming one of the most fashionable addresses in Sydney,” he said.

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