Sydney's latest luxury suburb, Millers Point, is about to open itself up to buyers as the government will be dropping some extra property on the market.
The government plans to list $100 million (£49 million) worth of residential property into Millers Point, which will be equivalent to 50 houses, reports Domain.
Representatives from the government have said that the choice to list property in this area is due to encouraging market conditions, as other government-owned residential properties in Millers Point have sold for up to $6.67 million (£3.26 million).
The 50 new properties enlisted by the government are planned to be a mixture of terraces and houses and will come to market before the end of June this year.
McGrath Estate Agents will be marketing the properties on behalf of the government, which plans to initiate its first wave of publicity for the initial 10 buildings on 27th January.
Chief executive of McGrath John McGrath said that there is a scheduled auction date for the properties on 25th February to follow the marketing of the first 10 properties.
Mr McGrath commented: "Millers Point is one of Australia's greatest residential precincts, and yet for many years it was relatively unknown as a residential option."
He added that it is "fast becoming one of the most fashionable addresses in Sydney", thanks to the Barangaroo Reserve and the new commercial area.
It's expected that the final total of sales for Millers Point will be around $500 million (£244 million) for the state's housing program.
The government-owned program in Millers Point began in August 2014. Since then it has sold 47 properties in the area, which translates to $116 million (£57 million) for the aforementioned housing program.
With the money from the sales, the government builds houses for the Australian public, with one house sale in Millers Point building up to five social homes.
If you're looking to buy high-end property in Sydney, the Millers Point area is an excellent place to consider due to the huge range and also because of the government initiative behind the sale of houses.