What are The Block Properties Worth?
By Greville Pabst on 4 Apr 2014
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What did professional property valuers have to say about The Block apartments?
Photo: Buxton Real Estate
The Herald Sun recently invited WBP Property to inspect The Block for the 2014 series Fans V Faves in order to predict the properties’ expected sale prices.
General Assessment
The common areas of The Block 2014 are finished to a high standard. The complex offers two secure car spaces and lock-up storage for each apartment, as well as access to the pool and large screen TV.
The block also has a lift to the first floor. Properties in this segment of the market and at this price range typically include a lift to access each level of the property, which may impact buyer interest.
“The unusual nature of exposure given to the properties… is likely to positively influence the sale price on auction day.”
The winding staircases in each apartment fail to meet the buyer profile – this price tag typically attracts a more mature buyer with the finances to fund the purchase of a property.
Similar apartments in this price range also usually include smart technology to control the lighting and electronics, but the properties on The Block don’t.
Note: The figures quoted below are the price each property is expected to sell for, including furnishings. The figures take into consideration the heightened marketing and promotion of the properties and thus do not constitute market valuations.
The common pool area will be sure to impact buyer interest
Photo: Hocking Stuart
1/47 O’Grady Street, Albert Park – Chantelle and Steve
Estimated sale price: $1,950,000
Pros
The property boasts large open-plan living in the kitchen area and has a north-facing balcony with lots of natural light and views of the CBD.
The property has high ceilings for an apartment. It also has an additional balcony, which receives a good amount of natural light.
Cons
The layout of the kitchen/dining area doesn’t maximise use of space. The apartment is marketed as three-bedroom, but is perhaps better described as two-bedroom and a study, which could double as a guest room.
The finish of the property including cabinetry is somewhat inferior to the other properties in the block.
2/47 O’Grady Street, Albert Park – Kyal and Kara
Estimated sale price: $2,200,000
Pros
This property is the most superior of the four in terms of aspect. With north facing views and plenty of natural light, it offers great views of the city skyline.
The apartment has three well-sized bedrooms and, like some of the other properties, an outdoor shower on the smaller balcony, and a large open-plan kitchen area that opens onto a north-facing balcony.
Cons
Like properties one and three, the finish of the staircase is not befitting of a property in this price range. The finish of the some of the cabinetry in the walk-in robes and the finish of the wall in the master bedroom isn’t of the highest quality.
The Super Ks’ apartment will benefit from its views of the city
Photo: Greg Hocking
3/47 O’Grady Street, Albert Park – Alisa and Lysandra
Estimated sale price: $2,050,000
Pros
This property offers a good quality finish, boasting high ceilings and a clever ceiling void to allow additional light, which is a novel touch.
The apartment is well set out, making maximum use of space. The staircase is also better positioned than apartments 1 and 2 – that being said, it isn’t right next to the entry door. It also offers south-westerly rooftop views towards Melbourne’s Port Philip Bay, but does not offer water views.
Cons
The main living area receives less light due to its southern orientation, which is overcome to some degree by the clever ceiling void.
Alisa and Lysandra’s apartment makes excellent use of space
Photo: Dingle Partners
4/47 O’Grady Street, Albert Park – Brad and Dale
Estimated sale price: $2,250,000
Pros
This apartment is finished to the highest quality when compared with the other apartments in the block.
The staircase in particular is noticeably superior to those in the other apartments and boasts stainless steel with wooden steps.
The cabinetry and fittings used throughout, not to mention the light fittings, are of a good quality. The apartment boasts high ceilings in the main kitchen/living area, and the kitchen has an enjoyable contemporary finish.
The property has a superior aspect, second only to apartment 2, with a rooftop balcony providing northern, eastern and southern views of the Melbourne skyline.
Cons
This apartment’s only downfall is that it receives less natural light in the main kitchen/living area than apartment 2.
Brad and Dale have the highest quality finishings
Photo: Buxton Real Estate
The Marketing Campaign
The Block 2014 has a huge national viewing audience, giving significant exposure to the four renovated apartments situated in one of Melbourne’s most expensive and sought-after suburbs, Albert Park.
The unusual nature of exposure given to the properties, compared with a typical marketing program, is likely to positively influence the sale price on auction day.
“The prices that will be achieved at upcoming auctions are likely to be above current market value.”
The cost of a typical selling campaign for a residential property is around 1 per cent of the value of the property, with The Block 2014 properties far exceeding this modest marketing spend in publicity terms.
As a result, and as seen with previous Block properties, the prices that will be achieved at upcoming auctions are likely to be above current market value.
