NSW Government to sell off surplus properties
The NSW government has announced a big sell off of low yielding, “surplus” properties – including sites in some highly coveted Sydney pockets.
The NSW Government has released 11 low yielding properties up for auction as part of a land audit program aimed at addressing the housing crisis.
The properties spread around Sydney were deemed as “surplus” by the government departments that owned them and had been sitting vacant.
Together they will go to auction at a centralised event in April, with some expected to change hands for up to $3m.
Many of the sites had first been offered to Homes NSW and Landcom but were released to the public after these government owned groups rejected the sites.
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The sites included properties in inner west suburbs Earlwood, Rozelle and Stanmore, plus in northern beaches suburb Seaforth, and in Marsfield in the northwest. Another site was in Minto, in Sydney’s southwest.
Most of the properties are empty blocks of land but some, like the Rozelle properties, are houses. Price guides have not been published by comparable Rozelle homes have sold for over $2m.
The tranche of homes also includes four empty blocks in Seaforth that overlook Middle Harbour.
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They range from 720 to 861 sqm. No price guide has been released for these blocks but comparable sales suggest some of the Seaforth blocks could sell for about $3m.
The land audit is a part of Minns Government efforts to improve housing supply.
The government has promised wide-spread planning reform and established the Housing Delivery Authority, while investing $6.6 billion in housing and homelessness through the Building Homes for NSW program.
Minister for Lands and Property Steve Kamper said the government wanted to stimulate housing supply.
“We need social, affordable and market housing to be readily available,” Mr Kamper said.
“These (eleven) low yield sites were deemed as surplus by the Government departments that owned them, so instead of sitting vacant we believe these sites are better served as housing.
“The property audit is now an ongoing government process and continues to identify government land no longer needed for service delivery but suitable for housing.”
RWC Western Sydney agents Peter Vines, Joseph Assaf, and Victor Sheu will be marketing properties in Marsfield and Marsden Park, with Mr Assaf revealing there was a lot of interest.
“We’re expecting strong interest due to the nature of these sites and their strategic locations,” he said. “As there are no existing DA approvals, the flexible zonings allow for various usages and will attract a larger buyer pool.”
All of the properties will be auctioned through a centralised auction to be held on April 2 by AuctionWorks at its in-room auction house on Margaret St in Sydney.
Interested parties can attend the auction room in person, bid online or via the phone.
Some of the properties going to auction include:
16-18 Bayview Avenue, Earlwood
Originally published as NSW Government to sell off surplus properties