A state housing property just sold for $4.23 million in Sydney's The Rocks

50 Argyle Place Millers Point sold by McGrath.

A NSW government property, the heritage-listed Grimes Cottage at Millers Point, raised $4.23 million at auction.

The five-bedroom, three-storey Georgian house, was built in the 1830s, stands on 416 sqm of land and is one of the oldest surviving residential buildings in central Sydney.

Real estate agents McGrath say the house, with views of the Harbour Bridge, is an extremely rare intact example of architecture from the bygone era.

With this sale, the state government has so far raised more than $30 million from properties in the area. It aims to raise $500 million for new housing projects.

The Sydney housing market, with record low interest rates, is leading the nation with house prices up 15.5% over the last 12 months.

50 Argyle Place Millers Point sold by McGrath.

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