This investigation provides an insight into the way the real estate game is played in Sydney. It's about winners and losers involved in an unusual transaction in Welfare Street in Homebush West in Sydney's Western suburbs . The deal began with the NSW LNP government's decision to sell off a block of publicly owned affordable houses, a scarce and much needed community resource in Sydney. The Sydney Olympic Park Authority side stepped its obligation to protected tenants who had lived in the houses for many years by selling the land to rich investors whose only aim was to on sell it for a quick profit.
In my first story, I report on the auction of the homes and the way the media reported the events. I also introduce the basics of the property deal. In Part 2, I take a closer look at the investors who stand to make millions. In following stories, I'll look at other aspects of the deal and track what happens to the residents.
While the Homebush deal has many unusual features, it's also part of a NSW government policy of selling off or leasing public land and housing to investors for commercial purposes. It's a policy approach that crosses major party lines and raises issues of public accountability and the need for more community involvement in social planning.