1 day Ago By David Bonaddio
An apartment that featured in The Block 2016 in Port Melbourne has sold for $600k+ less than it did on the show’s finale. A luxury apartment once celebrated as a champion of The Block has suffered a whopping $625,000 loss — almost the equivalent of Melbourne’s median unit price. The glamorous three-bedroom property at 1/164 Ingles St, which won The Block in 2016, was listed in September for $2m-2.
1m, and recently sold for $1.975m – well below the $2.6m paid at auction by an investor eight years ago.
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According to PropTrack’s December home price index, Melbourne’s median unit price is $590,000 — making the investor’s loss almost enough to purchase an inner-city apartment outright. It was originally renovated by Queensland couple Will and Karlie Bethune (formerly Cicero), — and purchased by an investor, later being rented out at $1650 a week in 2020. The Block 2016 winners Will and Karlie, when the apartment sold for $2.
6m Chisholm & Gamon associate director Jon Kett, who handled the sale told The Herald Sun last year that he wanted to steer attention away from the property’s reality TV history, instead highlighting its unique features. “The standout feature here is the sheer size of the apartment — both inside and out,” Mr Kett said in September. M R Advocacy director Madeline Roberts said the downturn wasn’t surprising, despite the attributes of the property, it couldn’t shake the challenges facing the $2m price bracket.
Inside the property’s luxe kitchen. “Since the Covid peak, we’ve seen a significant downturn in the market,” Ms Roberts said. “But, like all markets in Australia, this is just part of the natural cycle.
” “Properties around the $2 million mark, however, will take longer to show signs of growth.” Ms Roberts believes buyers at the top end of the market are being more strategic, seeking out value rather than buying into hype. “I wouldn’t recommend buying a property just because it’s been featured on a show or because a celebrity has lived there,” she said.
“A property needs to be analysed based on its true market value.” The home sold late last year for $1.975m.
The M R Advocacy director also noted that, while high-density apartments might not offer strong returns on investment, more affordable markets are a better buy. “The Ingles Street apartment’s sale is a stark reminder that even homes with a golden reality TV pedigree aren’t immune to the ups and downs of Melbourne’s property market. “For the investor that bought into the hype of The Block, the loss is a painful reminder that fame doesn’t always equal fortune.
” The landscaped outdoor area with built-in barbecue. Ms Roberts added while first-home buyers and renovators continue to find opportunities in more affordable areas, the luxury end of the market remains cautious. “Now with an abundance of listings the time for buyers to act is now, with market recovery on the horizon,” she said.
“Buyers are aware that interest rates are expected to come down this year, which will likely create a surge in buyer activity.” Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.
MORE: Crucial mistakes too many homebuyers are making Seven housing myths holding buyers back Recycled homes: hack that’ll save you $200,000 on a house [email protected].
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