SYDNEY - Ron Jennings, an 84-year-old with a penchant for brightly coloured shirts, has for decades lived in an apartment block with views of Sydney Harbour which, until now, money literally could not buy.
As a public housing tenant, Jennings paid a modest rent for his home in The Rocks which along with almost 300 other public housing homes near the Sydney Harbour Bridge, is set to be sold.
The sell-off has enraged the community of Millers Point, one so old and historic it contributed to Australia's earliest European settlement and is listed on the State Heritage Register.
They argue they are being kicked out of the city in favour of the rich.
"The part that upsets me the most - can you ever remember a whole suburb being evicted? Because that's what's happening," Jennings told AFP.
The government decision ends years of speculation about the fate of the area which abuts the Aus$6 billion (US$5.6 billion) Barangaroo development, set to house a luxury six-star hotel and casino, and The Rocks, considered the birth place of white settlement in Australia.
With still-soaring Sydney property prices the highest in the country and Chinese investors keen to snap up real estate in Australia's biggest city, the New South Wales government is pushing asset sales to help balance the books.
Waterfront properties come at a premium in the city, where house prices rose 4.9 per cent in the last quarter of 2013 alone, according to the Australian Bureau of Statistics.
Millers Point, a small suburb which sits behind the long closed wharves of Walsh Bay, has seen a growth in high-rise and waterfront developments in recent years as developers moved onto neglected properties, with the wharves now home to luxury apartments and cafes.
The government minister who made the decision, Pru Goward, said the 293 properties in Millers Point and The Rocks were being sold due to high maintenance costs, the major investment needed to make some of them liveable, and the "high potential sale values".
She said the cost of restoring some of the homes to heritage standard was as high as Aus$800,000 each and she could not justify sinking millions of dollars into a small number of properties while 57,000 families were on the wait list for public housing.
"This decision was not taken lightly, but it is the right decision in the interest of a sustainable, fair social housing system," she said, adding that the proceeds would be reinvested into social housing around the state.
Within days of her announcement, residents held a community meeting attended by hundreds of people in which they vowed to fight the sell-off.
Barney Gardner, who has lived in Millers Point his whole life, said there was no reason why low-income households should be locked out of the city and the community broken up.
"Why should developers get to live here? Why aren't we allowed to have the same dues to use the same housing as rich people," he asked the meeting.
"I haven't got much family, but youse are," the 65-year-old told the meeting, to cheers and applause.
No date has been suggested yet for the sales, with Goward saying that officials would work with tenants in coming months to help with their relocation, with every resident offered reasonable alternative accommodation.