Stylish home from The Block sells for massive loss
A stylish city pad that won reality TV show The Block eight years ago has sold for $625,000 less than the original buyer paid.
The three-bedroom home at 1/164 Ingles Street, Port Melbourne, sold for $1,975,000 late last year, after the price guide was lowered several times throughout the campaign. It settled this month, public records show.
The swish apartment sold for $2.6 million during the 2016 season of The Block, which airs on Nine, owner of this masthead, to an investor represented by buyer’s agent Nicole Jacobs after being renovated by Queensland couple and show winners Will and Karlie.
Seven years after the show’s finale, the Port Melbourne home was listed for sale by McGrath St Kilda in March 2024 with a price guide of $2.6 million to $2.75 million, before being lowered to $2.55 million in May.
Two months later, the price guide dropped again to a range of $2.1 million to $2.3 million. By August, the asking price had been lowered to $2 million to $2.2 million.
Will and Karlie won The Block in 2016.Credit: Josh Robenstone
After the apartment had spent six months on the market, the listing was taken over by Chisholm & Gamon Property Port Melbourne in September. That month, the price guide was trimmed to $2 million to $2.1 million.
The winning Block apartment from 2016 has sold for $625,000 less than the vendors paid.
The stylish ground-floor apartment, which comes with a gourmet kitchen and a butler’s pantry, finally sold for $1,975,000 via private sale in October, leaving the previous buyer $625,000 out of pocket.
The Port Melbourne pad includes a private courtyard and covered terrace, as well as a communal rooftop garden with city views.
Chisholm & Gamon Property Port Melbourne selling agent Jon Kett declined to comment when contacted.
Nine has been contacted for comment.
The ground-floor apartment, housed in an old soap factory, was the winning home on The Block in 2016.
The Port Melbourne apartment isn’t the only property from The Block to have sold for a loss after being put back on the market.
A Hampton East house from the show’s 2023 season bought by billionaire Adrian Portelli sold for $1,055,000 less than he paid for it.
Portelli bought the luxurious five-bedroom home at 22 Charming Street, which was renovated by Victorian sisters Eliza and Liberty, for $4.3 million. It sold for $3,245,000 in April last year to Simon Farkona-Adams and Betty Lee, the co-founders of online beauty business Boo Beauty Bar.
A ritzy St Kilda penthouse from The Block’s 2018 season is no longer for sale after having its price cut.
The three-bedroom apartment at 34 Fitzroy Street, in St Kilda’s Gatwick building, was renovated by Jess and Norm and sold for $2,859,000.
In May 2022, it was listed with a guide of $3.4 million to $3.7 million.
The glam penthouse was relisted in mid-2023 with a guide of $3 million to $3.3 million and a different agent, before the asking price dropped again to $2.85 million to $3.05 million in early 2024.
It is no longer listed for sale.
Last year Portelli bought all five Block houses, making sisters Maddy Harry and Charlotte Harry the winners with a $1.55 million profit, plus the $100,000 winner’s cheque.