The Block: See what the hit TV show’s original houses are worth now
Buyers who snapped up properties on the first three seasons of The Block have had mixed results since their purchase – so is it really worth investing in a home from the hit TV show?
The three-bedroom Vaucluse unit, renovated on The Block 2010 by ‘the fat tradies’ Mark and Duncan, has seen its price almost double since it first sold under the hammer a decade ago.
The Block has long left Sydney behind, with its preference for Melbourne cottage renovations. But its first three series saw the contestants modernising three low-rise Sydney apartment blocks.
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They were at Bondi Beach, Manly and Vaucluse, which has been proven in the latest sale to be the best yielding Sydney apartment investment from the offerings on The Block.
The New South Head Road, Vaucluse project, has just seen a re-sale at $1.855 million. And it’s settlement earlier this month shows it has been bought by another owner in the block of four.
It first sold for $907,000 at its live auction in 2010, which saw Mark and Duncan finish second in the competition when beating their $860,000 reserve by $47,000.
The apartment was then next sold for $1.19 million in 2014, so the auction buyer secured seven per cent annual compound price growth.
The recent seller also secured seven per cent price growth, after being marketed with a $1.8 million to $1.9 million price guide by 1st City selling agent Brad Caldwell-Eyles.
It has been a tightly held complex, still with its etched Channel 9 logo with its nine dots on the front facade.
There has only been one other apartment to resell which was apartment four, renovated by Cheryl and Brenton.
After selling for $970,000 at the show’s live auction, it sold for $1.42 million in 2015, which reflected eight per cent annualised price growth.
Vaucluse marked the return of The Block to TV screens, having been scrapped after two seasons in 2003 and 2004, Bondi Beach first and then Manly.
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Only one of the original buyers from The Block Bondi, which saw contestants renovate a Roscoe Street complex of four, has hung on to their apartment.
The two-bedroom, one-bathroom ground floor apartment won the show after it was renovated by Adam and Fiona, with it fetching $751,000.
It’s been a long-term investment for the investor owner, who initially put it up for rent in 2007 at $595 a week. Its most recent leasing saw it seek $850 a week last year, now with an early $1.3 million price estimate should it be listed.
All the other three original buyers in the Roscoe Street block lost money on their investments, two going backwards and one not making any profit once stamp duty was taken into account.
The second ground floor apartment, renovated by Gav and Waz, sold for $670,000 on Block auction night in 2003, then just $560,500 two years later.
The upstairs apartment of Paul and Kylie, which sold for $655,000 in 2003 then $555,000 two years later.
There was a slight gain when apartment four renovated by Phil and Amity who finished last in the show, wasn’t sold until 2009 having been bought for $747,000 in 2003, but it only sold for $765,150, a loss when stamp duty was added to the initial purchase.
The apartment actually sold again, for $1,415,000, last year, with its price gain reflecting 6.3 per cent annualised price growth.
There was similar financial headaches for the buyers in the renovation of a former backpackers on Manly’s Whistler Street in 2004.
All four resales occurred within the five years of The Block season, and each buyer out of pocket.
Apartment one, renovated by Jason and Kirsten, sold for $872,000 at the auction finale in 2004, before selling for $882,000 in 2008, just a compound annual growth rate of 0.29 per cent. It then sold for $1.14 million in 2014, which saw that owner net 4.3 per cent growth per annum.
The adjoining ground level apartment, winning the show for Andrew and Jamie by selling for $868,000, went on to sell for $890,000 in 2009.
The two apartments upstairs failed to clear their reserve price, instead selling for exactly the reserve price set. Steven and Richard, and Matt and Jane, both walked away empty-handed.
As did their buyers.
Matt and Jane’s apartment sold for $795,000, the cheapest sale in the block. But that still didn’t help their buyer. It was then $820,000 in 2007. Its $1,435,000, 2016 sale is the building’s most recent. The apartment saw 6.25 per cent yearly growth over the nine year ownership.
Steven and Richard’s apartment next door sold for $800,000 on auction night, the same price it sold for five years later. That would now likely to sell for $1.7 million, according to realestate.com.au, which would reflect seven per cent annualised price growth.
Originally published as The Block: See what the hit TV show’s original houses are worth now