Once a star on The Block, now a steal: Port Melbourne luxury pad lists for $2.1m
A stunning price crash for an apartment from The Block’s 2016 series highlights the dangers of buying property on reality TV.
A luxury apartment from the hit reality television show The Block has hit the Melbourne market for a staggering $500,000 less than its TV auction price almost eight years ago.
The three-bedroom pad at 1/164 Ingles St, Port Melbourne, is listed for $2m-$2.1m, well below the $2.6m it achieved under the hammer in 2016.
Renovated by Queensland couple Will and Karlie Bethune (formerly Cicero), the property was initially purchased by an investor and was later rented out at $1650 a week in 2020.
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Prominent buyer’s advocate Cate Bakos noted the unique nature of purchasing properties from reality television shows.
“The issue we have is that the bidding is often simulated and not representative of regular auction conditions,” Ms Bakos said
“Sometimes the prices are far higher than they should be due to the show’s popularity rather than the quality of the workmanship.
“If people are bidding strongly and getting involved because of the show’s notoriety, the marketing opportunity, and the charismatic experience, they need to ask themselves if they’re paying a premium.”
She said buyers need do to their due diligence by checking all of the property’s certificates and undertaking a qualified building inspection.
“Not doing due diligence can be costly,” Ms Bakos said.
The property’s journey on the market this year has been eventful – after previous listings in March and August, Chisholm & Gamon associate director Jon Ketthas taken the reins for spring.
Mr Kett said the unique apartment had a number of unique aspects, describing it as an ideal inner-city haven with ample entertaining space suitable for a professional couple without kids.
He said such large properties in the $2m price bracket were rare, particularly when compared to the smaller units in developer Mirvac’s nearby Beach Street towers.
Mr Kett said the sales campaign would not focus on the home’s TV origins.
“We are focusing on the property itself rather than its history on The Block – the true value lies in its unique features and prime location,” Mr Kett said.
The apartment’s lavish features include a grand entrance foyer with 3.5-metre-high ceilings, polished concrete floors, exposed brickwork, and a kitchen fitted with Neff appliances, a Bosch fridge/freezer, and a Vintec wine fridge in the cocktail area.
The floor plan includes three bedrooms, two bathrooms and powder room with an impressive 105sq m of outdoor area within its total 206sq m footprint.
Additionally, residents can enjoy a communal rooftop sky garden with panoramic city views, ideal for hosting guests.
The ground-floor residence is for sale via private treaty.
current status of their visa applications.
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Originally published as Once a star on The Block, now a steal: Port Melbourne luxury pad lists for $2.1m
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