Proceeds from the state government’s Millers Point sell-off could hit $700 million, about $200 million more than first expected, boosting investment in social housing.
The estimated figure was revealed during an unsuccessful NSW Supreme Court fight launched by resident Sally Parslow, now ordered to leave her home of 42 years within 28 days.
When the government announced in 2014 it would sell off social housing in inner-city Sydney, it predicted sales of about half a billion dollars.
But Justice Guy Parker, summarising evidence from two Housing Corporation witnesses, found “the revised estimate is that $700 million will ultimately be received”.
Proceeds from the sale of 180 properties passed the $570 million mark in May and a final 11 lots are due to be sold this year, including the historic apartment building Sirius.
Property NSW chief executive Brett Newman said that, while the government would not give final sales targets or estimates, the proceeds would be more than $600 million.
“Initial estimates of $500 million have already been achieved, predominantly due to the strong residential property market over the past three to four years,” Mr Newman said.
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