A new chapter in Sydney’s urban renewal story begins today as NSW Premier Chris Minns officially turns the sod for Dawn, the fifth stage of Sekisui House Australia’s $5 billion <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> masterplanned community.

Developed in partnership with Hankyu Hanshin Properties and built by <a href="https://www.apartments.com.au/builders/decode">Decode</a>, <a href="https://www.apartments.com.au/new-apartments/dawn-melrose-park-bundil-boulevard-melrose-park-nsw-2114">Dawn</a> will deliver 368 parkside residences, forming part of one of NSW’s largest privately owned urban renewal projects.&nbsp;

The milestone marks the start of the next phase in transforming Melrose Park into a new community delivering over 5,500 homes, a mixed-use town centre, 50,000 sqm of open green spaces and several future schools.

[smartcode_project:default project_id=145496 project_image_fid=352993]

Kazunori Ito, Group CEO and Managing Director at <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a>, said the milestone symbolises the company’s ongoing commitment to job creation, housing supply and sustainable community building.

“This moment represents more than just the start of construction," Ito said.

"It is about building a new urban heart for Sydney’s geographic centre. Dawn and the wider Melrose Park masterplan will generate thousands of jobs, deliver quality homes for families and help more people realise the dream of home ownership.

“We are proud to be supporting the NSW government’s housing targets and expanded Home Guarantee Scheme, which came into effect on 1 October. The program is already opening doors for more first home buyers at Melrose Park, many of whom are using the scheme to purchase with a five per cent deposit and no Lenders’ Mortgage Insurance.”

[smartcode_project:default project_id=145496 project_image_fid=334163]

Since its introduction, the enhanced federal government’s Home Guarantee Scheme has given first home buyers greater access to the property market. With value thresholds in New South Wales now lifted to $1.5 million, buyers can secure a new apartment in Melrose Park sooner, reducing the burden of saving a 20 per cent deposit and removing costly mortgage insurance premiums.&nbsp;

The Dawn precinct, designed by <a href="https://www.apartments.com.au/architects/group-gsa">Group GSA</a> embodies Sekisui House’s global “Love of Humanity” philosophy, integrating sustainability, technology and liveability into every design detail. Residents will enjoy abundant green space, energy efficient features and a direct connection to the future Parramatta Light Rail Stage 2 and Melrose Park Town Centre set to open in 2026.

[smartcode_project:default project_id=145496 project_image_fid=354734]

As part of the NSW government’s long-term commitment to the local community, work recently commenced on the new Melrose Park High School, a state-of-the-art education facility designed to accommodate more than 1,000 students. The school will be within walking distance to Dawn and will become a cornerstone of the precinct’s family friendly environment.

Melrose Park’s smart community vision includes EV charging stations, environmental monitoring systems with Western Sydney University and NBN node to residence connectivity. With over $216 million in planning contributions committed to local and state infrastructure, this project supports NSW’s 30-minute city goal, ensuring residents can live, work and play within easy reach of key employment and lifestyle hubs.

[smartcode_project:default project_id=145496 project_image_fid=334049]

Dawn’s contemporary residences all have secure basement parking and start at $649,000 for a one-bedroom apartment and $1.259 million for three-bedrooms.&nbsp;

The project will also overlook Central Park which spans nearly two hectares and features barbeque and picnic areas, children’s play zones and walking tracks ideal for active residents and pets.

Residents will enjoy exclusive rooftop community facilities including private rooftop gardens, beautifully landscaped podium parks and internal courtyard gardens.

Construction of Dawn, which is being led by regarded builder Decode, will be completed by Q1 2028, adding to Sekisui House’s pipeline of more than 9,000 homes and apartments under development across Australia.

[smartcode_project_cta:default project_id=145496]

Staff Writer

Premier Chris Minns turns sod at Dawn Melrose Park as construction commences

Southport is set for one of its tallest new apartment developments in recent years with the approval of Malua, a 32-level tower just one row back from Broadwater.

The <a href="https://www.apartments.com.au/new-apartments/malua-18-22-norman-street-southport-qld-4215">Norman St tower</a> will comprise 151 apartments within the Southport Priority Development Area. The three adjoining lots, totalling 1,215 sqm, are currently occupied by three two-storey buildings, one a house, and two duplexes.

The majority of the apartments will be two-bedders (126), with just five one-bedroom apartments and 20 three-bedrooms. There will be three basement levels, three podium levels, and a rooftop communal space with a pool, gym, private dining areas and business hub facilities.

<img alt="Malua" data-entity-type="file" data-entity-uuid="21ab3437-de39-432c-b991-f33227b606dd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-11-06%20at%208.41.37%E2%80%AFAM.png?VersionId=_dOcjcvmSMyn6utzzviBVCAgDp5ZCo_N" />

There had been prior approval for a 14-storey building, however those plans became financially unviable.

“The proposed development seeks to resolve financial viability issues of the existing development approval by providing a higher density development with a more favourable unit mix and streamlined design,” the planning report submitted to the Gold Coast City Council noted.

Plus Studio designed the tower which "aims to contribute positively to the evolving Southport skyline, with vertical relief elements, sculpted facades, and rooftop crowning features."

“When stepping into the lobby from Norman Street, pedestrians and residents pass through a sculpted podium of lush green foliage in an earthy entry experience,” Plus wrote in its design report, emphasising the landscape-led approach to the podium and ground plane.

<img alt="Malua" data-entity-type="file" data-entity-uuid="694202c2-be8f-4cde-be26-a494293058a6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-11-06%20at%208.42.15%E2%80%AFAM.png?VersionId=NOIFuolMkoE8vNerov63rnbFRk_TnYUy" />

There is renewed confidence in the development market in Southport. Buyers have jumped at the chance to buy at <a href="https://www.apartments.com.au/new-apartments/maris-southport-20-queen-street-southport-qld-4215">Maris</a>, the latest local Gold Coast development by MRCB. Over 75 per cent of the 192 apartments have been snapped up prior to launching to the market.&nbsp;

The last notable launch in the suburb was in late 2023 when <a href="https://www.apartments.com.au/new-apartments/eden-garden-residences-20-bauer-street-southport">Eden Garden Residences</a> hit the market. The 54 apartments, on the corner of Bauer Street and Chester Terrace, are under construction and due to complete in mid-2026.

Joel Robinson

First look: Southport tower Malua to rise 32 levels in latest Gold Coast approval

Woolworths Group’s development arm, <a href="https://www.apartments.com.au/developers/fabcot">Fabcot</a>, has unveiled its latest mixed-use development.

They are seeking to reshape a prominent site in Gladesville, on the northern edge of the town centre. They've filed a&nbsp;State Significant Development Application for the amalgamated 5,623 sqm block with street frontages to Victoria Road and Eltham Street that will see <a href="https://www.apartments.com.au/new-apartments/363-victoria-road-gladesville-nsw-2111">two buildings with 171 apartments</a> sit above an activated retail ground plane.

The tallest tower, at 13 storeys, will face Victoria Road and home 115 dwellings. A smaller nine-sytorey tower, stepping down to Eltham Street, will have the remaining 56 apartments.

The towers will rise above a podium containing a full-line 3,800 sqm Woolworths supermarket and cafe, activating along the Westminster and Eltham Street frontages.

<img alt="Fabcot" data-entity-type="file" data-entity-uuid="da042a40-288e-41b8-becc-080f235a3717" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-11-06%20at%208.13.26%E2%80%AFAM.png?VersionId=n99ay71Clcy6WLP4Uajw2ph6BA61wboV" />

The residential offering will include 19 one-bedroom, 118 two-bedroom, and 34 three-bedroom apartments. Residents will have access to rooftop communal terraces on both buildings, as well as a podium-level garden, contributing a total of 1,411 sqm of communal open space.

According to the Urban Design Report by <a href="https://www.apartments.com.au/architects/clarke-hopkins-clarke">ClarkeHopkinsClarke</a>, “The massing places height and density along Victoria Road, reinforcing its role as the commercial spine, while stepping down towards neighbouring areas to ensure appropriate scale transitions.”&nbsp;

The design draws inspiration from the local geology and waterways, with curving tower forms and a warm, tactile material palette referencing Hawkesbury sandstone and nearby riverine landscapes.

The proposal also includes basement parking across three to four levels, accommodating 392 car spaces - 190 for retail and 202 for residents.

<img alt="Fabcot" data-entity-type="file" data-entity-uuid="f1a01073-9a13-4ba7-9c14-43c84a751e26" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-11-06%20at%208.13.51%E2%80%AFAM.png?VersionId=KSImA_iSQiIgSRMswm7.5Sg.WRZ0fZjg" />

Fabcot is aiming to deliver a “landmark building with civic presence,” leveraging the prominent corner site to anchor the precinct’s urban renewal.

“The building’s corner location and carefully sculpted form establish it as a landmark for North Gladesville,” the Urban Design Report notes.

ClarkeHopkinsClarke has previously collaborated on other Woolworths mixed-use projects, and here again deploys stepped setbacks, articulation, and extensive landscaping to manage bulk and enhance street-level engagement. A colonnaded brick base provides texture and rhythm to the podium, while upper levels curve softly to maximise views and cross-ventilation.

The development sits within the North Gladesville Precinct, an area earmarked for transformation under Ryde’s local planning strategy. It is well-served by bus connections along Victoria Road and within proximity to community infrastructure, schools, and riverside parkland.

Gladesville is set for a full transformation with developer Third.i also planning a major mixed-use development in the area. They are seeking to redevelop the Gladesville Village Shopping Centre into an&nbsp;integrated precinct with more than 500 apartments, a new supermarket, and significant public domain upgrades.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-third-i-plots-500-unit-redevelopment-of-gladesville-village-shopping-centre">First look: Third.i plots 500-unit redevelopment of Gladesville Village Shopping Centre</a>

Fabcot reveals mixed-use plans for Gladesville town centre

<a href="https://www.apartments.com.au/developers/omaya">Omaya</a> has brought to market a boutique collection of completed, two-storey terraces on Telopea Avenue in <a href="https://www.apartments.com.au/developments/homebush-west-nsw-2140">Homebush West</a>, offering buyers the opportunity to move straight into brand-new homes in a connected inner-west location.

<a href="https://www.apartments.com.au/buildings/telopea-avenue-homebush-west-24-36-telopea-avenue-homebush-west-nsw-2140">Telopea Avenue</a> comprises four-bedroom terraces with internal basement parking, designed to balance functionality with contemporary interiors.

[smartcode_project:default project_id=150682 project_image_fid=6085]

Each residence is arranged across two levels, with layouts tailored to families seeking more space or downsizers wanting low-maintenance living without compromise. Skylights and large windows maximise natural light throughout the interiors, while private terraces and balconies extend living outdoors.

Inside, hybrid timber flooring flows through living and bedroom spaces, complemented by built-in wardrobes with polyurethane finishes and melamine shelving.&nbsp;

Kitchens feature Bianco Imperial Granite benchtops and splashbacks, paired with Smeg appliances including a five-burner gas cooktop, oven, rangehood, and integrated dishwasher.&nbsp;

Bathrooms continue the refined detailing with porcelain tiling, granite accents, gun metal tapware, and integrated LED lighting.

[smartcode_project:default project_id=150682 project_image_fid=6072]

Landscaped surrounds create a sense of greenery within the community, while individual home designs ensure each terrace retains its own character.

Positioned within a quiet residential pocket, the project sits only minutes from the activity centres of Strathfield, North Strathfield, Homebush, and Lidcombe, as well as the broader lifestyle and employment precinct of Sydney Olympic Park.

Residents also benefit from the project’s proximity to transport and amenity. Homebush and Flemington stations provide direct rail access to the Sydney CBD, with major road connections including Parramatta Road and the M4 close by.&nbsp;

[smartcode_project:default project_id=150682 project_image_fid=6064]

Local shops, Sydney Markets, and Strathfield Plaza cater to daily needs, while the area is well-serviced by schools, childcare centres, and universities.&nbsp;

Nearby Sydney Olympic Park and Bicentennial Park add further lifestyle appeal, offering walking trails, sports facilities, and year-round cultural events.

The terraces are delivered by Omaya, a family-run Sydney developer and builder with more than 35 years of experience and over 1,000 dwellings in its pipeline.

[smartcode_project_cta:default project_id=150682]

Omaya delivers complete and move-in ready terraces on Telopea Avenue, Homebush West

Melbourne-based developer&nbsp;<a href="https://www.apartments.com.au/developers/las-group">LAS Group</a> has this month received planning approval for two adjoining sites, 101 Clarendon Street and 38 Clarke Street in Southbank, that will add around $700 million to the developer’s pipeline on completion.

The two sites were purchased from Crown in 2023 and occupy the same city block as the iconic Casino complex, acquired in an on-market transaction, consisting of multiple titles that were being used as warehouses and low-rise office space.

The resulting permits will see the delivery of two towers consisting of 52 and 25 levels, both to be designed by Fender Katsalidis.

LAS Group’s successful planning approvals are among only a select few new development sites in Southbank to receive a permit in the last three years, as appropriate sites become even more scarce in the popular city-side location.

The projects will enjoy immediate walking access to Crown Casino, South Wharf, the Aquarium, Southbank and the wider Yarra River walk precinct that features a plethora of restaurants, bars and other hospitality and entertainment offerings.

The Fender Katsalidis-designed towers will feature intricate brick masonry and arched windows at street level that will add character to the Southbank streetscape, with sleek towers rising above each podium.

The larger of the two towers, <a href="https://www.apartments.com.au/new-apartments/101-clarendon-street-southbank-vic-3006">101 Clarendon Street</a>, will have 509 apartments across a 52-level building that wuill also include a resident&nbsp;lounge, private dining room, podcast room, golf simulator, co-working spaces, pet care facilities, and an outdoor terrace.

That is expected to complete in 2029.

<img alt="Clarendon" data-entity-type="file" data-entity-uuid="9d8595a7-d225-4532-86a9-d3c5ca7407d4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-11-05%20at%208.28.51%E2%80%AFAM.png?VersionId=quwbfnhk5Vf6yR1Qj0GQtt0EjeIsKMci" /> 
The podium at 101 Clarendon Street. Image supplied

The smaller tower at <a href="https://www.apartments.com.au/new-apartments/36-42-clarke-street-southbank-vic-3006">38 Clarke Street</a> will be around half the size at 25 levels and home 188 apartments, a pool, gym, cold plunge, and sauna. That is expected to complete in 2028.

&nbsp;

LAS Group has a long history of developing key sites across Australia, including The Fawkner on St Kilda Road and Guild Apartments in Southbank, as well as holding significant interests in retail, mixed-use and storage facilities across Australia.

<img alt="38 Clarke" data-entity-type="file" data-entity-uuid="d871b034-d2a4-490f-b9eb-b9d4b99a04c5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-11-05%20at%208.28.44%E2%80%AFAM.png?VersionId=J3fWfemsLPQzXekl_h0QlsXoWFnRbfRF" /> 
38 Clarke Street, Southbank. Image supplied

LAS Group director and founder Les Smith said the planning approvals had come at a time when confidence was returning to the market and the need to deliver quality apartment stock in Melbourne’s inner suburbs was becoming critical to help ease the housing and affordability crisis.

“These planning approvals are the outcome of a collaborative process with multiple stakeholders and we are grateful for the involvement and support of Melbourne Water, the Department of Transport and Planning, Melbourne City Council and Property Council of Australia along the way," Smith said.

“We have a huge affinity for Melbourne believe the macro and micro economic factors that underpin long-term growth mean it is currently undervalued compared to other capital cities around Australia.

“Confidence is starting to return given the recent interest rate drops and the buoyancy in the economic climate, so we believe the time is right to bring these two new projects to market in the coming months."

LAS Group General Manager, Mia Smith said the design intent was to bring a sense of place to Southbank from the ground level and contribute positively to the thriving entertainment precinct, while delivering good quality, affordable stock to the market.

“These projects will deliver product that is affordable and accessible, while delivering a beautiful building with luxury appointments, in a wonderful location that’s next door to Crown Casino and the Southbank entertainment precinct, and on the doorstep to the CBD," Smith said.

“We are incredibly pleased with the designs that Fender Katsalidis have proposed and we are excited to make a positive impact to the urban design of this important pocket of Southbank with these exceptional design outcomes.”

LAS Group to build 700 apartments across two towers on Crown Casino’s former Southbank sites

Millers Point

<html><body>
Nine terraces on Windmill Street in Millers Point have been listed for sale by Property NSW, on behalf of Family and Community Services.
The nine Windmill Street properties each contain three bedrooms and will be sold via an Expressions of Interest process through McGrath Estate Agents, closing 5 September.
Properties include:
3 Windmill Street    
7 Windmill Street
13 Windmill Street
17 Windmill Street
23 Windmill Street
31 Windmill Street
35 Windmill Street
41 Windmill Street
45 Windmill Street
The new listings mark the commencement of a new stage in the Millers Point program which will see a different product mix, including a diverse range of lofts and other apartments, and blocks of units, listed on the market over the coming months.
Proceeds from the Millers Point sale program will fund 1,500 new social housing dwellings across the State, with more than 600 new fit-for-purpose social housing dwellings funded to date.
The Windmill Street properties anchor a historically significant street in the unique precinct of Millers Point and The Rocks.
All properties sold in Millers Point are accompanied by strict heritage protections; including NSW Heritage Council-endorsed Conservation Management Plans.
The nine Windmill Street properties will be sold under a neighbourhood scheme title structure, rather than a Torrens title, to facilitate protection and management of the streetscape over time.
A total of 94 Millers Point properties have been sold so far, delivering circa $264 million for new social housing across NSW.
For more information, <a href="https://www.rediscovermillerspoint.com.au" target="_blank">click here</a>.
</body></html>

jonathanchancellor-7SQnKwU6yx

Nine terraces on Windmill Street, Millers Point listed for sale

<html><body>
Government Property NSW has listed 10 more Millers Point properties for sale through auction on behalf of the Department of Family and Community Services through McGrath Estate Agents.
Money from the sales will eventually be reinvested into some 1,500 social housing projects across NSW.
The below properties will go to auction 25 February. 
<a href="https://www.realestate.com.au/property-house-nsw-millers+point-121752550" target="_blank">20 &amp; 22 Kent Street</a>: Neighbouring two and three bedroom residences, part of a group of three two storey terraces constructed on the site of a former quarry cutting in the 1870s.
<a href="https://www.realestate.com.au/property-house-nsw-millers+point-121752670" target="_blank">28 Kent Street</a>: A four bedroom two storey terrace built in the 1870s that was previously a barber shop and restaurant.
<a href="https://www.realestate.com.au/property-house-nsw-millers+point-121753094" target="_blank">46 Kent Street</a>: Known as ‘Chelsea House’ – this property is a five bedroom, two storey terrace built for local auctioneer William Higstrim in the early 1870s.
<a href="https://www.realestate.com.au/property-house-nsw-millers+point-121752510" target="_blank">38 Argyle Place</a>: A four bedroom residence, part of the ‘Wentworth Terrace’ row built by the prominent Merriman family in 1887-1888.
<a href="https://www.realestate.com.au/property-house-nsw-millers+point-121752734" target="_blank">40 Argyle Place</a>: A three bedroom terrace that was occupied in the late 1880s by champion rower Charles A. Bros.
<a href="https://www.realestate.com.au/property-house-nsw-millers+point-121752390" target="_blank">60 Argyle Place</a>: A wide, grand three bedroom terrace in the Grimes’ Buildings row.
<a href="https://www.realestate.com.au/property-house-nsw-millers+point-121752358" target="_blank">51 Lower Fort Street</a>: Known as ‘Wendovir’, this four bedroom, three storey property is part of Palermo Terrace, constructed in the mid-1880s.
<a href="https://www.realestate.com.au/property-house-nsw-millers+point-121752378" target="_blank">63 Lower Fort Street</a>: A three bedroom residence in Vermont Terrace and an example of early Federation Queen Anne architecture.
<a href="https://www.realestate.com.au/property-house-nsw-millers+point-121752422" target="_blank">71 Lower Fort Street</a> (above): This three bedroom two storey residence, part of Eagleton Terrace, was built in 1876 by local shipwright, Robert Drysdale.
 
Government Property NSW  announced the appointment of McGrath Estate Agents as the exclusive sales agent for the next phase of the Government’s Millers Point terrace sales program late January.
</body></html>

mick.cee-iDmgDDAmu8

10 heritage Millers Point properties on the market through Government Property NSW

<html><body>
Government Property NSW today announced the appointment of McGrath Estate Agents as the exclusive sales agent for the next phase of the Government’s Millers Point terrace sales program.
The appointment will see McGrath market the sale of up to 50 Government-owned terrace properties to June 2016.
The appointment of McGrath followed a select tender issued to pre-qualified agents on the Government’s Real Estate Agents Panel, and complied with NSW Government procurement guidelines.
The first tranche of Millers Point properties for 2016 will list on 27 January. 
To date there have been 47 Government-owned properties sold in Millers Point, raising more than $116 million for social housing.
A corner Victorian-era terrace fetching $6.67 million was sold late last year by McGrath. 
1 Lower Fort Street, a four-storey terrace built circa 1879, forms part of the heritage significant <a href="https://www.realestate.com.au/property-house-nsw-millers+point-121222250" target="_blank">Milton Terrace row</a>.
The five-bedroom's price of $6.67 million was well beyond expectations of $4.5 million.
The property was sold through McGrath agents Lorraine Crawford and Peter Starr.
McGrath boss John McGrath <a href="/expert-insights/the-rocks-head-john-mcgrath-s-top-five-sydney-picks">signalled he liked the precinct's prospects</a> last year.
</body></html>

jchancellor-FAypfDUnLy

McGrath secure Millers Point sales stranglehold

<html><body>
Government Property NSW has sold its 1910 Munn Street, Millers Point apartment for $5.5 million, and announced eight new property listings for auction, including a Victorian terrace at prestigious 1 Lower Fort Street.
The pre-auction price guidance was $4.5 million plus.
The auction was through Richard Shalhoub and Peter Starr of McGrath.
“Highly competitive bidding was always expected for the freehold block of four two-bedroom apartments on Munn Street, given its exceptional location,” said Government Property NSW chief executive Brett Newman.
The property is situated in one of the most sought after areas of Millers Point with panoramic views across Barangaroo and towards Balmain.
Its apartments were ranging from 83sqm to 104sqm in size.
To date 39 government-owned properties have sold in Millers Point, raising more than $92 million for social housing across the state.
Proceeds from the Millers Point auctions are being reinvested into building more than 1,500 social housing dwellings across Sydney and regional NSW.
Close to 100 new dwellings have already been built in Condell Park, Padstow, Yagoona, Gymea, Lurnea, Chester Hill, Kingswood, Mount Warrigal, Beverly Hills, Warilla, Casula and Miranda.
The upcoming 1 Lower Fort Street – a four storey Victorian terrace built in the late 1870s which forms part of Milton Terrace row - has been listed for December 3 auction.
“Milton Terrace is one of the few remaining intact grand Victorian terraces in inner Sydney, and was built to coincide with the staging of the International Exhibition in 1879,” Newman said.
Another seven properties, marketed by McGrath Estate Agents, are:
<ul>
<li>Three residences in the Davies Terrace row built circa 1870: 28 Merriman Street (three bedrooms), 36 Merriman Street, (two bedrooms) and 38 Merriman Street (three bedrooms)</li>
<li>36 Kent Street, a three-bedroom terrace</li>
<li>55 Kent Street, a four-bedroom sandstone terrace</li>
<li>59 Kent Street, a three-bedroom end terrace in the Hexham Terrace row</li>
<li>71 Windmill Street, a four-bedroom terrace</li>
</ul>
</body></html>

j.ballantyne1990-6AQqhLzZaK

NSW government raises $5.5 million through Millers Point property auction; eight more up for bidding

<html><body>
<div class="cq-article-content-paras section">
Three more surplus social housing homes in Millers Point have been sold.
The three properties sold through Raine &amp; Horne Double Bay included 32 Kent Street, an 1870s, two-bedroom terrace at $1.5 million.
</div>
<div class="cq-article-content-paras section">
Another 1870s row house, at 56 Kent Street, sold for $1.68 million.
At 42 Kent Street, (below) with harbour views, an above-expectation $2.2 million was achieved by the NSW government.
<a href="https://www.realestate.com.au/photogallery_new.ds;jsessionid=F79541AF742788A3D14831BBBA1E6CCB?id=119722987&amp;theme=rea.sold" rel="photos" data-id="119722987"><img src="https://i3.au.reastatic.net/456x342/9cbf5d600f98d6e769e1dcdacaa950b9df685688c68546deaead803574f0a876/image2.jpg" alt="42 Kent Street, Millers Point" title="42 Kent Street, Millers Point" data-index="2"></a>
Next up are 18 Trinity Avenue, 34 Kent Street and 54 A&amp;B Kent Street.
More than $40 million has been secured in the sell-off.
Last month Grimes Cottage, at 50 Argyle Place in Millers Point secured the <a href="/expert-insights/buying/grimes-cottage-millers-point-sold-by-nsw-state-government">highest price yet in its staggered former social housing selldown at $4.23 million</a>.
</div>
</body></html>

More Millers Point terraces sold off by the NSW government 

<html><body>
Three more surplus government-owned property at Millers Point have been sold adding $6.7 million towards social housing projects in the suburbs.
They were all on Kent Street including<a href="https://www.mcgrath.com.au/buy/house-millers-point-nsw-2000/257134/?searchID=49852710" target="_blank"> 51 Kent Street</a> (pictured above), which is an 1855 terrace that sold at $2.45 million. The price guidance was $2 million to $2.2 million.
The Georgian-style terrace had been listed for auction last night through Peter Starr at McGrath Estate Agents.
The terraces at 39 and 49 Kent Street also sold. 
The 39 Kent Street terrace sits in a row built for solicitor/politician Sir George Wigram Allen. It sold at $1,725,000, having been listed with $1.5 million to $1.6 million price guidance.
The 49 Kent Street terrace fetched $2.54 million, having been listed with a $2 million to $2.2 million price estimate. It appears the Millers Point Government terrace selloff now gives closer sale price guidance than initially given when the sales campaigns kicked off las year.
The 47 Kent Street was auctioned last year at $1.64 million.
Properties sold late last year included 24, 28 and 32 Argyle Place fetching $2.3 million, $2.35 million and $2.15 million respectively.
The NSW government is proceeding with plans to sell the remaining 284 properties so funds can be reinvested back into the public housing system.
The government-owned properties in Millers Point secured a total of $21.9 million from its initial nine sales.
</body></html>

Millers Point Government terrace selloff now gives closer sale price guidance

<html><body>
GUEST OBSERVATION
Who really sets the end value of the home? 
This may well be determined soon enough, putting an end to many discussions held over the years regarding the contested topic. Most say the value is set by “what people want to pay for a home and what a vendor wants to accept”. Others believe the end decision is made by the the valuer. But let us not forget the final player: the bank.
No doubt the sale of the two <a href="/expert-insights/buying/the-second-millers-point-offering-fetches-2-56-million-for-state-government-housing">government-owned Millers Point properties </a>at such vast price points has placed a magnifying glass over the valuation process itself. The <a href="https://propertyobserver.com.au/finding/location/nsw/35454-millers-point-government-terrace-sell-off-with-record-2-6-million-plus-price-guidance" target="_blank">recent sales</a> will test everyone’s theories, perceptions and ideals as to who has the final call on the value of the home.
The agents
The agents are, we may say, the first line of clarification when ascertaining what a property is worth. A well versed agent in his or her field of expertise in their patch will promote their worth, first and foremost, by knowing their product.
In the first instance, when looking into the sales at Millers Point, the market opinion and price guide provided was $1,000,000. However, this was later adjusted to $1,300,000. This is a bench mark set by a professional that has years of knowledge and expertise in an area and a specific market. This is also knowledge that valuers often rely on to make their final call. After all, the agents live, breathe, and are in and out of homes in their patch on a day to day basis. Hence, they are a valuable resource to have when searching for a price guide and a professional realistic market opinion.
The valuer
The valuers, on the other hand are utilising a number of resources, which range from agent market opinions to online data of recent sales and no doubt the science of  ascertaining building costs-depreciation and land values. It is a very complex and under rewarded process in my opinion, when providing a valuation for a bank post the sale.
The bank
The bank will rely on the final opinion of the valuer and I have a hunch they will also have their internal policies centred round lending criteria to meet with the borrower’s financial position.  I would also speculate at this point that most banks will assess the loan process and the Loan to Value Ratio differently. Therefore, they are indirectly providing particular instructions to the valuer.
Now riddle me this, Bat-bank: which parcel of information will you rely on when the purchaser approaches you for the funding? Here is the conundrum as we further explore this enigma:
<ol>
<li>Agent’s public opinion “price guide” of what the property is worth; $1,000,000 - $1,300,000 first sale and $1,400,000 - $1,500,000 price guide on second sale.</li>
<li>Final sales figure; $1,911,000 for the first and $2,560,000 for the second sale.</li>
<li>
Then there is the undisclosed figure if a true valuation was to be conducted by a valuer, without any outside influences by banks or agencies.    
</li>
</ol>
If we venture back to the beginning and purely relied on the premise that a home is worth “what someone is prepared to pay and what the vendor is prepared to accept”, there would be no issue whatsoever. However, the valuer is caught between a rock and a hard place as they have to justify their findings to the bank. A major criteria expected by the lender to approve a loan by way of accepting a valuation concerns comparable sales of like property in the area. 
Therefore, do they rely on the price achieved in the first property sale, or do they rely on the value of the second? A conundrum to many if this was the only way to ascertain the value of a property. But this is a questionable proposition, as on the surface, it appears to be the major methodology a bank uses to dish out credit. So, Bat-bank, what figure will you accept?
If the bank accepts the latter sales figure, this would mean the first property was sold for peanuts and the person that bought the first home won the lottery.  If the sale price of the first home is the benchmark, one can only assume that the valuation of the second home will come in very short.
Then of course there is the other ideal in Gotham-Sydney. The banks will fund all the purchases to create a history and a sample of at least 4-5 sales to justify their reasoning and paperwork to their shareholders. Always be mindful that in most instances but not all, the first few sales in a cluster when sold as individual lots, are the cheapest sales.
Therefore, based on the current precedence, the next homes to go under the hammer may just tip the $3,000,000 mark. I continue to believe $2,700,000 - $3,000,000 was on the money. As the properties continue to rise in value, this can only continue to create further embarrassment to the price guides given by the agencies that sold the first and second home. Now riddle me this, Bat-bank: <a href="/news/nsw/next-millers-point-government-terrace-sell-off-with-record-2-6-million-plus-price-guidance">how will you value the homes</a>?
</body></html>

Millers Point

Editor's Picks

Have something to contribute?

The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.

Millers Point

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.