The Block – 164 Ingles Street, Port Melbourne
By | 15th Nov 16

The Block – 164 Ingles Street, Port Melbourne

We were excited to be a part of our eight consecutive Melbourne series of THE BLOCK over the weekend and again see some amazing results achieved for the contestants. The incredible renovation undertaken by the show transformed this once soap factory into six individual apartments, five of which were offered to the market over the weekend. These residences where the largest in the show’s history and everything seemed to be on a grander scale including the New York inspired rooftop garden with city views.

After taking many buyers through the properties it was our investors who were most drawn to the properties due to the huge depreciation benefits and rental returns. We bid on all five apartments for investors, with depreciation opportunities around $90,000 making it is an unparalleled investment as previous series have been around $60 - $70,000 in benefits.

We received incredibly positive feedback about the cohesive functional design of the girl’s apartment throughout all of our inspections and we were excited to secure this property for our repeat investor client who also bought on the last Blocktagon series of THE BLOCK in South Yarra.

Results

Will and Karlie
SOLD $2.6 million, by Biggin & Scott
Reserve $1,885,000
Prize money $715,000, plus $100,000 winners’ cheque

We were under bidders for an investor.

 

Julia and Sasha
SOLD $2.59 million, by Gary Peer & Associates 
Reserve $1.93 million
Prize money $660,000

We purchased for a repeat investor client from last series.


 

Dan and Carleen
SOLD $2.3 million, by Hodges
Reserve $1,775,000
Prize money $525,000

Sold well above our investor client’s budget of $2,000,000.



 

Kim and Chris
SOLD $2,305,000, by Greg Hocking
Reserve $1.88 million
Prize money $425,000

We missed out for an investor client at the business end of the auction.

Andy and Ben
SOLD $2.25 million, by Hocking Stuart
Reserve $1.74 million
Prize money $510,000

We were unfortunately the under bidders for an investor client.

Congratulations to all of the contestants and it was great to see everyone’s hard work pay off this season with all of the contestants walking away with winnings that will change their lives totalling $2,835,000 and just under the world record set at Triple Threat series in Darling Street, South Yarra. We were delighted to buy our sixth property on The Block, having now bid on 28 of the 35 Block properties in all the Melbourne series. As always, we stuck to our pre-auction budget limits and didn’t let our clients get carried away with the emotion and excitement of The Block auctions and walked away when we reached our budget limits as we do every series as some buyers can get carried away with all The Block hype.

For the fourth year running, I predicted the winner and runner up of the show as we had feedback from over 300 buyers that inspected the properties that Will and Karli and Julia and Sasha would be battling it out for first place. I was delighted that we bought the girl’s apartment for our investor client as it was my personal favourite and had the bonus of the best city views.

We look forward to participating in the next series and cannot wait to see what magnificent building the show transforms next! 

By Frank Valentic