The Block: Port Melbourne condominium that gained the 2016 season sells for lower than $2m

A luxurious condominium as soon as celebrated as a champion of The Block has suffered a whopping $625,000 loss — virtually the equal of Melbourne’s median unit value.

The glamorous three-bedroom property at 1/164 Ingles St, which gained The Block in 2016, was listed in September for $2m-2.1m, and not too long ago bought for $1.975m – nicely under the $2.6m paid at public sale by an investor eight years in the past.

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Initially listed in March 2024 with an bold value information of $2.6m to $2.75m, the house had a number of reductions all year long.

In response to PropTrack’s December dwelling value index, Melbourne’s median unit value is $590,000 — making the investor’s loss virtually sufficient to buy an inner-city condominium outright.

It was initially renovated by Queensland couple Will and Karlie Bethune (previously Cicero), — and bought by an investor, later being rented out at $1650 per week in 2020.

Chisholm & Gamon affiliate director Jon Kett, who dealt with the sale advised The Herald Solar final 12 months that he needed to steer consideration away from the property’s actuality TV historical past, as an alternative highlighting its distinctive options.

“The standout characteristic right here is the sheer dimension of the condominium — each inside and outside,” Mr Kett stated in September.

M R Advocacy director Madeline Roberts stated the downturn wasn’t stunning, regardless of the attributes of the property, it couldn’t shake the challenges dealing with the $2m value bracket.

“Because the Covid peak, we’ve seen a major downturn available in the market,” Ms Roberts stated.

“However, like all markets in Australia, that is simply a part of the pure cycle.”

“Properties across the $2m mark, nevertheless, will take longer to indicate indicators of development.”

Ms Roberts believes consumers on the prime finish of the market are being extra strategic, in search of out worth fairly than shopping for into hype.

“I wouldn’t suggest shopping for a property simply because it’s been featured on a present or as a result of a star has lived there,” she stated.

“A property must be analysed based mostly on its true market worth.”

The M R Advocacy director additionally famous that, whereas high-density residences won’t supply robust returns on funding, extra inexpensive markets are a greater purchase.

“The Ingles Road condominium’s sale is a stark reminder that even houses with a golden actuality TV pedigree aren’t proof against the ups and downs of Melbourne’s property market.

“For the investor that purchased into the hype of The Block, the loss is a painful reminder that fame doesn’t at all times equal fortune.”

Ms Roberts added whereas first-home consumers and renovators proceed to search out alternatives in additional inexpensive areas, the posh finish of the market stays cautious.

“Now with an abundance of listings the time for consumers to behave is now, with market restoration on the horizon,” she stated.

“Patrons are conscious that rates of interest are anticipated to return down this 12 months, which is able to seemingly create a surge in purchaser exercise.”

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david.bonaddio@information.com.au