According to their local newspaper, residents in the relatively quiet streets of leafy Elsternwick reportedly are dealing with a few local traffic hiccups now that popular property renovation TV show, The Block, is filming its latest season in the family-friendly suburb.
Already, the word on the street is that the completed project is set to be the most expensive in the show’s history, with the educated guesses predicting that 5 period-style homes are the most likely end result for the 2989-square metre block at 46 Regent Street – one of the area’s central and sought-after locations.
Faith in The Real Estate Market
The show’s producers put their trust in a vibrant real estate market on the line by paying around $4 million more than the previous most expensive site for the show, with land title documents revealing that $10.34 million was spent on the vacant block that settled back in January, 2017. Once the program’s production costs, and renovation costs, are met, it’s expected that the producers will be hoping for a $7million-plus profit – a figure that would match the profit The Block producers made when their purchase of an old soap factory in Port Melbourne for about $5 million saw the creation of five luxury apartments return about $12.05 million at auction.
Because Regent Street sits within Elsternwick’s Heritage overlay area, previous plans to develop the vacant land – including one plan to build a private boys’ school campus on the site – were abandoned after community complaints that the school would change the neighbourly atmosphere of the prized street.
Property Investment is Serious Business
For keen property investors who love the idea of owning a part of television history, the sensible advice is to tuck your emotion out of your buying decision and do your proper research – just as you should with any major property purchase.
Before you decide if a property is worthy of your commitment to a mortgage – even when you can access a great interest rate – it’s important to research recent sales and the changing demographic of the suburb to ensure you make the right decision that suits your budget and your lifestyle.
Becoming the owner of a property fresh from a TV show renovation might seem like a lot of fun but if the media frenzy means you’ve paid more than it was really worth, it might be a property decision you’ll regret – long after the TV ratings wins have been forgotten.
Choosing the Property That’s Right For You
To select the best property to suit your needs, you first need to be realistic about what those needs actually are. If you’re a family person with children who need to access quality schools, you need to see what’s around the area you have your eye on, what zoning restrictions might be in place and what parks and recreational sporting places are handy for weekend and after-school fun.
Local shopping – preferably within walking distance – might also be important.
If that property you love ticks all the boxes that matter to you, your next step should be talking to a mortgage broker to secure the finance you need – and whether it’s been shown on television or not, remember that your best possible property will be the one that feels like home.
If you need advice for a home loan, business or commercial loan, self-managed super fund loan, or an investment home loan, speak to a broker at Lending Specialists. We have a wealth of experience under our belt and a robust network to connect you to the right industry professional for the loan you need.