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New housing builds on Millers Point sales

Last published on 17 Apr 2015 in Media releases / Archive

The first batch of homes built from the proceeds of Millers Point social housing sales have been announced by Minister for Family and Community Services Brad Hazzard.

The first batch of homes built from the proceeds of Millers Point social housing sales have been announced by Minister for Family and Community Services Brad Hazzard.

The projected proceeds from the Millers Point property sales, expected to be about $500 million – will be re-invested into some 1500 new social housing dwellings, allowing more people on the waiting list to be housed faster.

Speaking during a site visit to Lurnea where 10 new 2 bedroom seniors living dwellings are nearing completion, Mr Hazzard said the sales proceeds and savings in maintenance would deliver benefits for thousands of NSW residents.

“Here at Lurnea and in another 11 suburbs, construction is underway on 99 new dwellings which include easily-maintainable one and two-bedroom units designed for singles and the elderly and three bedroom homes for families.

“This is bricks and mortar proof that the NSW Government is delivering on our promise to use Millers Point sales proceeds to build new homes that are modern, environmentally responsible and better fit the needs of tenants.”

Mr Hazzard said 12 Millers Point properties had been sold, generating $26.8 million and a further three properties are now on the market. The Government will sell 293 properties in Millers Point to help finance a more sustainable public housing system.

“This funding is vital to our supply of new and additional housing,” Mr Hazzard said.

“It is only fair that Government look to maximise the benefit of our social housing assets for the most people.”

New housing funded by the proceeds is underway in Condell Park, Padstow, Warilla, Mount Warrigal, Chester Hill, Yagoona, Gymea, Kingswood, Casula, Beverly Hills and Miranda.

Developments will occur in areas of identified need for more social housing. The initial phase will focus on Sydney’s South-East and South-West and the Illawarra-Shoalhaven area and Nepean-Blue Mountains areas.

Mr Hazzard said a separate bank account had been established for the Millers Point proceeds which enabled full transparency about the sales and capital outlays on new dwellings. The accounts will be reported in the FACs annual report.

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