12 Homes Bought From Sydney Olympic Authority For $5.8 Million Sold Just One Month Later For $10.4 Million

The block of 12 homes in Homebush sold on the weekend for almost double what an investor paid for the 4 weeks ago. Image: realestate.com.au

A dozen Federation era homes built for abattoir workers in Homebush West have given their owner a windfall profit after they were bought for $5.8 million from the Sydney Olympic Authority on November 21 and we sold for auction last weekend for $10.43 million.

But the auction of the 12 properties in Welfare Street and Flemington caused controversy, with the tenants of some of the houses protesting their sale amid fears that they would be evicted. Police were called after a scuffle broke out between the protestors, the auctioneer and some of the buyers, Fairfax Media reports.

Up to a dozen police attended the auction and then quickly moved on the 350 people who attended the auctions when they finished.

The crowd at the auction. Image: Twitter @StrathfieldPart

The houses sold for for up to $200,000 above the reserve, for between $840,000 and $915,000, to mostly Asian buyers, Robert Pignataro from agent Strathfield Partners said.

Some of the tenants have lived there for more than six decades and pay just $500 a month in rent. Pignataro said they would not be evicted.

“We are not looking at kicking any of them out – they can either stay [at the same rent] or opt to negotiate with us to receive a lump-sum cash settlement, which will be attractive,” he told Fairfax.

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