First resale of Millers Point home sees public dudded out of $590,000

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Shadow Minister for Social Housing Tania Mihailuk has today slammed the Baird Government as the first property from the government’s Millers Point social housing sell-off has been resold at a profit of $590,000 to the private seller.

The public has been well and truly dudded by Mike Baird over this sale,” Ms Mihailuk said.

“For this property to have been originally sold by the Baird Government for $1,911,000 only to be resold for $2.5 million as little as 10 months later, clearly demonstrates that the whole sale process has been rushed through in great haste.

“This sale has taken place without any proper consideration to due process, without any proper consideration of the proper market value and the potential consequences of what it would mean to the heritage value.

“Mike Baird has serious questions to answer on the detail of this sale. What was the original reserve price? What were the results of any independent property valuations it received?

“The entire process of the government’s sell-off of Millers Point has been botched from the start.

“This sell-off of 293 extraordinarily significant public assets will see 600 social housing tenants displaced from their close-knit, long-term community.

“The whole point of the sell-off of this public asset was to raise as much money as possible from the sale, and then to use those funds to build more social housing, but the government has clearly failed on both of these objectives.

“Not only has the government failed to fully capitalise on a significantly valuable asset, it has also failed to detail exactly how much of the proceeds of this sale will be dedicated to future social housing.

“It is clear that Mike Baird has signed a dud deal for the people of NSW.”