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We spoke with property expert and WBP Executive Chairman, Greville Pabst, about the latest season of The Block and what he thought about the auction results.

Was the result expected?
"It’s often difficult to determine if it’s the order of auctions, or the actual properties that drive the price. But, in this case I think it’s fair to say it was the properties," says Pabst. "While I have a soft spot for Dan and Carlene as their mentor, my tip for the win was Will and Carli."

"Will and Carli’s apartment was among the most popular with would-be buyers, even despite being one of the smallest apartments. It boiled down to the fact that it was the only apartment with a garden courtyard and outdoor area. This together with the apartment’s savvy design and aesthetic saw it take out the prizes for this season of The Block."

Why did the apartments attract such strong interest?
"The Block auctions attracted an astounding amount of interest, not just from the viewing public, but from prospective buyers. There was interest from a mix of owner-occupiers and both individual and institutional investors.

The fact is these apartments are a rarity – there’s nothing quite like them anywhere else in Melbourne. For starters, they reside in a stunning fully-restored Art Deco building with a rich history.
Secondly, they are substantial in size, and come fully-furnished. While buyers could potentially buy a home in the area for the same price paid, these apartment are scarce in nature and tick many of the boxes required for long-term investment."

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Was the price tag right?
"It’s hard to quantify. If we consider the dollar per square metre rate they’re pretty close – perhaps a little on the higher side of the scale but within reality. However, scarcity must be factored in and it’s not necessarily effective to apply the former metric in the case of Block properties - particularly when considering it is reported The Block producers spent over $10 million creating these warehouse shells. There’s not a developer in existence who would attempt this simply because it’s not profitable to do so.

With just seven units in the block, and each with parking, they offer wide appeal to those who can afford the price tag. With added benefits of depreciation and all the furnishings seen in the show they’ve gained interest from investors and homebuyer alike. The higher selling price of some apartments are more characteristic of owner-occupiers, with investors typically realising the greatest benefit up to around $2.3 million."

Like investors, homebuyers should invest in professional, independent and customised advice, if required, to assist with their home purchase.

Follow Greville Pabst on Twitter @grevillep