Brisbane-based <a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co Developments</a> has officially launched its $250million COMO apartment development in Varsity Lakes, while simultaneously commencing construction.&nbsp;

Building work is now underway at COMO following the appointment of <a href="https://www.apartments.com.au/builders/5point-projects">5Point Projects</a> as contractor to deliver the boutique development which will rise on a 2857 sqm site overlooking Lake Orr at 22 Lake Street.

When completed, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO</a> will comprise 156 apartments across 16 levels located in the heart of Varsity Lakes.

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The project, which will sit alongside Bond University, will deliver a diverse array of apartment designs comprising one-, two- and three-bedroom residences that have already attracted interest from local and interstate investors as well as an array of owner occupiers looking to gain a foothold in the precinct.

Red &amp; Co, which has largely focused on the Brisbane market in recent years where it has delivered more than 500 apartments and townhouses across 26 projects, has designed COMO to combine tranquil, lakeside living with the vibrant urban convenience of the vibrant Varsity Lakes village.

“We’re thrilled to announce a start to construction of COMO in conjunction with the official launch of the project, our first for the Gold Coast,” said Red &amp; Co Director and Co-Founder David Laverty.

[smartcode_project:default project_id=135546 project_image_fid=363509]

“COMO is superbly positioned to capture the essence of the Varsity Lakes village lifestyle and its thriving café and dining precinct, while delivering a much-needed diverse supply of premium residences for the local market.

“Pre-launch inquiries have been strong among both local and interstate investors and owner-occupiers, including downsizers and upgraders who appreciate the value proposition that COMO represents.”

Prices at COMO start from $1,000,050.

[smartcode_project:default project_id=135546 project_image_fid=363511]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, the COMO development incorporates an extensive range of amenities for residents including a 25-metre rooftop lap pool, sundeck, barbecue and dining areas, as well as multiple rooftop pickleball and paddleball courts, a wellness and activity centre, gym, sauna, plunge baths and landscaped gardens.

“COMO presents a rare opportunity to secure a stylish, lifestyle-focused home in one of the Gold Coast’s most sought-after neighbourhoods,” added Laverty.

“The rooftop will be the epicentre of fun for residents with an array of amenities for residents that are quite unique for a boutique project such as this, all while offering spectacular vistas across the Gold Coast as far north as Southport and south to Burleigh.”

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&nbsp;

Red &amp; Co has chosen the Varsity Lakes site for its proximity to top-tier schools, major shopping hubs, such as Robina Town Centre and its CBD offering, as well as key Gold Coast transport links, including Varsity Lakes Train Station.

COMO will be located just a short walk to shops, cafes and restaurants in Varsity Lakes and just a 10-minute drive to the Burleigh Heads beachfront.

With construction currently underway, Red &amp; Co anticipates COMO will be completed in 2028.

[smartcode_project_cta:default project_id=135546]

Joel Robinson

Red & Co to launch debut Gold Coast development Como Varsity Lakes as construction commences

Longstanding Gold Coast developer Raptis has acquired a prime development site on Surf Parade for its next Broadbeach apartment project.

Progressing towards completion of <a href="https://www.apartments.com.au/new-apartments/the-sterling-broadbeach-6-8-george-avenue-broadbeach-qld-4218">The Sterling Broadbeach</a>, 90 apartments on nearby George Avenue, <a href="https://www.apartments.com.au/developers/raptis">Raptis</a>, led by second-generation family man Evan Raptis, has picked up a block on the corner of Surf Parade and First Avenue.

The site had been earmarked for a luxury apartment project with 33 full-floor apartments across a 37-storey tower. Raptis will go back to the drawing board and create a building more appropriate for the site. The development application will be lodged later this month.

Evan Raptis told Apartments.com.au the site ticks all the boxes.

"Broadbeach is a suburb we've developed several buildings over the years. Surf Parade ticks all the boxes for the type of apartment development we want to deliver."

Raptis had several pre-lodgement meetings with council to ensure they are aligned in the development.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="f0d58573-07a4-47a8-9f5e-fbf35fb03dc3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-03-05%20at%204.58.23%E2%80%AFPM.png?VersionId=iczZEd_4_o4UL0PHMPJGfy_q3tv96J5i" />

Surf Parade has emerged in recent years as one of the most popular streets in Broadbeach for development.

South East Queensland developer Mosaic Property Group kicked it off with Marella by Mosaic. Bassar Group sold out Infinity on the street, while for its&nbsp;first Gold Coast development, Polycell grabbed a Surf Parade site for <a href="https://www.apartments.com.au/new-apartments/the-rochester-broadbeach-143-surf-parade-broadbeach-qld-4218">The Rochester</a>, which is nearly sold out.

Melbourne-based developer Hirsch &amp; Faigen recently launched its fourth Gold Coast project on the exclusive strip. The Eveleigh Broadbeach will have 100 apartments across a 31-storey building designed by Rothelowman.

GV Property Group site development specialists Antonio Mercuri and Luke Reaby, who both amalgamate sites and sell shovel-ready sites to developers up and down the Gold Coast, sold Surf Parade to Raptis.

Raptis secures prime Surf Parade site for next Broadbeach apartment development

Less than two years after breaking ground, Gardner Vaughan Group is celebrating the topping out of Bask, its second development in the exclusive coastal enclave of Bokarina on Queensland’s Sunshine Coast.&nbsp;

Located only minutes from the beachfront, the two seven-storey luxury apartment towers, known individually as Mydas and Caretta, offer a selection of one-to-four-bedroom residences with views of Lake Kawana, the Glasshouse Mountains, and Bokarina Beach.&nbsp;

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Gardner Vaughan Group Commercial Director Sam Gardner said the milestone marks the home stretch for construction, with first residents expected to be able to move in from Spring 2026.&nbsp;

“This is a significant milestone in bringing this development to life and represents our confidence in this region’s long-term growth and appeal,” Gardner said.&nbsp;

“With 85 per cent of apartments already sold, buyers are joining an established, coastal village that offers the very best of the Sunshine Coast – seasonally patrolled surf beaches, renowned restaurants, and links to established health and retail.&nbsp;

“The final collection of three- and four- bedroom apartments range in size from 127sqm to 300sqm, each with two or three secure car parks and storage, and with construction fast approaching completion we don’t expect the last few apartments to remain on the market for long.”&nbsp;

[smartcode_project:default project_id=141609 project_image_fid=333362]

Local restaurateur Luke Stringer, who co-owns and manages the award-winning Bocca Italian and Playa Mexican restaurants in Bokarina, has lived in the beachside suburb for 18 months and worked there for more than three years, and said the beachside suburb was thriving.&nbsp;

“It’s fair to say Bokarina is finally stepping into the sun and there’s a lot to love about the place,"&nbsp;Stringer said.

"It’s such a great community, where you see the same smiling faces every morning and everything’s within easy reach – it’s the perfect hub in the middle of the Sunshine Coast.

“When we first opened Bocca Italian, we were the lone restaurant, but it’s been amazing to see how the area has grown. The more venues that open, the busier it gets for everyone. When Playa Mexican opened its first Saturday night, Bocca had a record night and Playa was packed too, which blew us away how everyone is thriving.&nbsp;

“There’s a great energy around the place now, and people are really embracing Bokarina as a food and lifestyle destination.”&nbsp;

[smartcode_project:default project_id=141609 project_image_fid=363368]

Stringer joined other buyers at Bask Bokarina and the Gardner Vaughan Group team to celebrate the topping out at a special event in February.&nbsp;

Located in Kawana Waters, midway between Caloundra and Maroochydore, Bokarina locals enjoy scenic walking paths around Lake Kawana, playgrounds, beachfront boardwalk and parklands, alongside all the convenience of a masterplanned beachside community.&nbsp;

“You see people jogging or swimming in the morning, then grabbing coffee at the cafes, people are really embracing the area and all this growth is bringing more people to Bokarina,” Stringer added.&nbsp;

To take advantage of the vistas, each of the 135 apartments at Bask is designed with full size windows and high ceilings that provide an abundance of natural light.&nbsp;

Prices for the remaining three-bedroom apartments start at $1,599,000 and four-bedroom apartments start at $3,149,000.&nbsp;

[smartcode_project:default project_id=141609 project_image_fid=363369]

The mixed-use development also features ground-level retail space for cafés, dining options and boutiques, including the soon-to-be-opened ‘Corner Shop’, by the team behind Noosa’s well known ‘Organika’.

Sam Gardner said Gardner Vaughan Group’s 37-year history building and developing across South East Queensland has contributed to the success of its second development in Bokarina, which follows the recently completed Zinc Apartments.&nbsp;

“We care how people live and this is reflected in the way we approach the design and delivery of every development,” he said. “Furthermore, as a builder-developer we have full control over the construction program and our 100 per cent completion rate is something people can draw confidence from.”&nbsp;

Founded by civil engineers Guy Gardner and Darryl Vaughan in 1989, the family-owned business has evolved from a consultancy firm to an award-winning builder-developer, with projects across the Sunshine Coast, Moreton Bay, Brisbane and the Gold Coast.

[smartcode_project_cta:default project_id=141609]

Gardner Vaughan Group tops out Bask Bokarina apartments

Prolific Melbourne developer <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> has launched its fourth new Gold Coast development in as many years.

<a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a>, led by Daniel Faigen and backed by Eddie Hirsch, co-founder of United Petroleum, has unveiled The Eveleigh, on a prime 1,100 sqm site at 7-9 Surf Parade in the heart of Broadbeach.

<a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a> will deliver 100 apartments across 31 levels, making it the company’s largest Gold Coast project to date. It builds on the success of its three earlier developments, <a href="https://www.apartments.com.au/buildings/hemingway-1267-1273-gold-coast-highway-palm-beach">The Hemingway in Palm Beach</a> and <a href="https://www.apartments.com.au/buildings/emerson-kirra-100-musgrave-street-coolangatta">The Emerson at Kirra</a>, both completed, and <a href="https://www.apartments.com.au/new-apartments/yves-mermaid-beach-7-9-mermaid-avenue-mermaid-beach">Yves Mermaid Beach</a>, which is nearing completion.

[smartcode_project:default project_id=149670 project_image_fid=360966]

The announcement of The Eveleigh affirms the company’s sustained confidence in the Gold Coast market which continues to remain undersupplied. It also increases the value of Hirsch &amp; Fa​igen’s Gold Coast development portfolio to more than $700 million since the company first entered the market in 2021 with Hemingway.

The company has enlisted its preferred architecture firm Rothelowman to design The Eveleigh, which will offer a thoughtfully curated lifestyle, including a substantial wellness precinct, communal recreation areas, children’s play spaces, work-from-home facilities, and shared lounge and dining areas.

[smartcode_project:default project_id=149670 project_image_fid=360965]

Designed for the prime market demographic of downsizers and interstate lifestyle investors in mind, The Eveleigh has been crafted to offer an increasingly rare blend of affordable luxury in a tightly held market. Uniquely positioned in the heart of the Gold Coast’s most sought-after lifestyle suburb of Broadbeach, the project will also boast uninterrupted beach and hinterland views.

The Surf Parade site is just a short walk to the bustling Broadbeach dining and retail precinct, Pacific Fair, The Star Gold Coast and convention centre, and an easy stroll to Kurrawa Beach and the recreational amenity of Pratten Park on the Broadbeach foreshore.

[smartcode_project:default project_id=149670 project_image_fid=360975]

“We’re excited to be proceeding with our fourth project on the Gold Coast in what is certain to become the new luxury precinct in Broadbeach,” says Anthony Bueti, the CFO of Hirsch &amp;a​mp; Faigen and a shareholder of the group.

“With the likes of Mosa​ic and Abedian &amp;a​mp; Co also launching quality projects in the area, the transformation will cement Broadbeach as the premier lifestyle and amenity suburb on the Gold Coast.

"After four years in the Gold Coast market, and with three successful projects completed, The Eveleigh is the product of everything we have learned to love about the Gold Coast and it will be an incredible addition to our growing portfolio in one of the most vibrant property markets in the country. We continue to remain very confident in the high-end Gold Coast property market.”

Urban Activation Director Matt George is handling sales for The Eveleigh, having sold out The Emerson, The Hemingway, and Yves, all before construction was completed.

Melbourne builder MAXCON has already commenced construction on The Eveleigh. They are forecasting a mid-2028 completion.

[smartcode_project_cta:default project_id=149670]

Hirsch & Faigen unveils The Eveleigh in Broadbeach

Two years after securing development approval for the final stage of its award-winning Thornton Precinct on the doorstep of Penrith Station, Urban Property Group is set to launch <a href="https://www.apartments.com.au/new-apartments/mayfair-on-penrith-172-lord-sheffield-circuit-penrith-nsw-2750">Mayfair on Penrith</a>, around 400 apartments designed to reflect two of Sydney’s most iconic structures.

The builder-developer has continued refining the design plans for the two-building development on a significant 8,280 sqm site on Sheffield Circuit, recognising the importance of the prime parcel as one of the closest developable sites to the station.

UPG enlisted architecture firm SJB to design the project. The team said they drew inspiration from both the General Post Office in Martin Place and East Circular Quay to help shape the design. The two-level colonnade, in particular, reflects the famous GPO building, which dates back to the 1860s.

[smartcode_project:default project_id=136726 project_image_fid=362014]

There will be one-, two-, and three-bedroom apartments on offer, with interiors by Cox Architecture. Residences will sit above a retail podium featuring hospitality and lifestyle operators such as One Playground and Volcano’s Steakhouse, contributing to an activated ground plane within the broader Thornton precinct.

A communal rooftop with a pool and views towards the Blue Mountains will provide shared open space for residents. The development is positioned between Ron Mulock Oval and Westfield Penrith, with the Nepean River and Great River Walk also nearby, placing daily amenity and green space within walking distance.

&nbsp;

[smartcode_project:default project_id=136726 project_image_fid=362015]

Mayfair is being delivered by Urban Property Group, a family-owned developer and builder with nearly 40 years’ experience across Sydney. The project will be the first in Penrith to be offered with Resilience Insurance’s 10-year Latent Defects Insurance (LDI) policy, which Urban Property Group has adopted across a number of its recent developments. The developer also has a 4.5-star iCIRT rating, one of the best ratings in market providing further confidence to buyers.

Urban Property Group CEO Patrick Elias said providing additional assurance to off-the-plan buyers has become increasingly important.

“Anything we can do to give confidence in our product is a plus,” Elias told Apartments.com.au.

“Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. They’re making their single large investment, which is their home, and providing confidence is something that we feel is paramount.”

[smartcode_project:default project_id=136726 project_image_fid=362020]

The LDI policy provides a 10-year warranty covering structural defects, with independent inspections carried out during construction and protection for owners if defects arise post-completion.

Mayfair represents Urban Property Group’s sixth and final development within Thornton, consolidating the masterplanned precinct immediately east of the station.

The developer, which builds its own projects, has already commenced construction. SRM Residential is handling the sales campaign.

[smartcode_project_cta:default project_id=136726]

Urban Property Group to close the curtain on award-winning Thornton precinct with Mayfair on Penrith release

Millers Point

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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>.
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jonathanchancellor-7SQnKwU6yx

Nine terraces on Windmill Street, Millers Point listed for sale

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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.
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mick.cee-iDmgDDAmu8

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

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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.
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jchancellor-FAypfDUnLy

McGrath secure Millers Point sales stranglehold

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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>
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j.ballantyne1990-6AQqhLzZaK

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

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<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>
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More Millers Point terraces sold off by the NSW government 

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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.
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Millers Point Government terrace selloff now gives closer sale price guidance

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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>?
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