One of Australian television’s most popular shows is back with us again as “The Block” returns to Channel Nine. I’m not so much interested in the drama going on during the show, but the marketing, the photography, and the videos used to sell these homes, as well as the real estate decisions that are made.
But to know what’s happening at the end of the show it helps to know where it started, and a little about the building and the location. This year it’s in the inner Melbourne suburb of Port Melbourne, and just a short walk or bike ride from Melbourne’s bustling CBD.
The property: 164 Ingles St, Port Melbourne
This is where it’s all happening over the next few months, and here’s what this 1920’s building looked like last time the little Google car drove by:
In terms of location, Port Melbourne is a good one. When it comes to units, 3 bedroom units in Port Melbourne average $1.4 million. Given that the producers of The Block paid $5 million, they would be hoping for over $2 million per unit in The Block when completed, especially given how unique and how large this building is. In 2015 The Block winners Dean and Shay sold their unit for $2.3 million, which was $655,000 above the reserve price of $1.645m.
As for the marketing used when the building went up for sale in 2015:
“~ Spectacular views to the CBD & surrounds
~ Zoning: Capital City Zone 1
~ Surrounded by medium density, low rise residential development
~ Suit residential, boutique hotel or office redevelopment (STPA)
~ Opportunity to create and develop one of Melbourne’s iconic art deco buildings”
The former owner of 164 Ingles St, Mr Stamoulis, purchased the site for $25 million in 2013, just a few days before it was rezoned for residential development by the former Victorian Liberal government.
So it’s a pretty good project in a good location, surrounded by other townhouses that will be completed in the middle of 2017. However, there aren’t many properties to compare it to within close proximity of Ingles Street. Here’s a screenshot from realestate.com.au showing units that have sold for over $1.75 million in the Port Melbourne area, and as you can see most are either at Southbank, or down by the bay:
So in terms of direct comparison sales, there really isn’t much to compare it to. That could be a good thing for the contestants on the show because they won’t be dragged down by other competing properties.
The contestants
This year there are 5 teams:
Will and Karlie: “Plans for an art deco-industrial mix in their apartment have been dubbed “in-deco”.”
Dan and Carleen: “They’re planning to match the style of the building’s exterior in their apartment by mixing art deco with a contemporary touch.”
Kim and Chris: “They’ve renovated before, including a cubby house.”
Ben and Andy: “Renovation rookies, these 25-year-old best mates from Geelong know they’re in for a tough induction.”
Julia and Sasha: “They plan to bring the glamour to the building, with gold splashes against a base of monochrome.”
The marketing
What should we expect from their marketing when the properties hit the market towards the end of the series?
We would expect the usual mix of professional photography (probably taken at twilight as is the norm for high value homes in Melbourne), floorplans and a video tour that probably features the contestants themselves.
But this is also a great opportunity for the real estate agents who are selected to promote themselves, so hopefully we see some innovative property marketing come to the fore. I’ll be updating this post as we see what’s happening when we reach the business end of proceedings.