What are The Block Elsternwick homes going to be worth?

A luxuriously appointed living room in an Elsternwick family home which recently sold for $3.4m

Property experts might have enough information on hand to loosely price the five Elsternwick homes being created as part of the 13th season of The Block.

Based on recent sales of what may be similar homes in the area, buyers considering The Block Elsternwick dwellings might find they don’t get much change out of $3 million.

They might have to dig even deeper and pay more than that, depending on factors including the value of the furniture the show’s producers typically throw in with the sale.

Upon completion The Block’s Elsternwick plot sizes should circle between 500 and 550 square metres which is on the small side by suburban family home standards, but some might also argue is “manageable” for the likely buyer – time-short professionals or investors (who in this market, will probably need to throw professional garden maintenance in with the rent).

This dimensioned block will still allow for a backyard big enough for a pool and a couple of pets to run around.

The Block homes are expected to be a similar size – single storey at the front with a double storey extension at the back. New standalone garages accessed from a rear right-of-way will also contain a studio apartment, which we expect will be self-contained given they appear to have their own front door off the laneway.

All up, it is expected each Block Elsternwick home will have between four and six bedrooms.

These factors – free furniture, together with the home’s newness and location (Regent Street is a revered Elsternwick row and this site is only a hundred or so metres from the St Kilda East suburb border) – should make the completed homes popular in Melbourne’s current stock-starved market.

It will be interesting to see whether each home is given an individual street number – or if the address will resemble an apartment (so for example, the home relocated from Brunswick West would be 3/46 Regent Street, or 46C Regent Street).

A search on Google Maps shows the street numbers 44 and 48 of Regent Street are taken.

What was The Block Elsternwick before? Read our item here.

Here are some family-sized homes that have recently traded in Elsternwick:

15 Murray Street (sold March 2017 for $3m)

This 19th century Victorian sits on Murray Street, which is further away from the CBD than Regent Street, but within footsteps of the Glen Huntly Road, Elsternwick, shopping strip and Hopetoun Gardens. After selling for $1.7 million in 2008 following a renovation and extension, the home fetched $3 million five months ago following a campaign by Biggin & Scott.

 

13 Edward Street (sold June 2017 for $2.5m)

This Edwardian underwent an opulent makeover before selling in June for $2.475 million. It is appointed to the standard that it is expected The Block Elsternwick homes will be. It also has a pool.

The Block homes are expected to be larger than 13 Edward Street and appeal to a greater pool of buyers, with that rear studio.

64 St Georges Road (sold November 2016 for $2.58m)

This renovated Edwardian on St Georges Road, which runs parallel to Regent Street, sold for $2.58 million almost a year ago after a Buxton campaign. It includes four bedrooms and a formal and informal lounge – and mixes period features with contemporary design, but it doesn’t include a garage and associated studio. It is also single-storey meaning the rear living area eats into a bigger yard.

 

14 Main Street (sold December 2016 for $3.4m)

The $3.4 million sale of this home late last year should provide an insight into buyer depth for contemporary domains in the area. On a 545 square metre block at 14 Main Street, this site is on the corner of busy Glen Eira Road. Nonetheless, it is arguably the most opulently appointed home to trade recently in Elsternwick. Over two levels with four bedrooms, four bathrooms and a double garage, it was last marketed by Hodges.

 

4 Archibald Street (sold February 2017 for $2.16m)

Opposite the train line, but walking distance to the Elsternwick train station, 4 Archibald Street sold for $2.16 million in February. This price is quite strong given the home sits on a smaller block (419 square metres) than those expected to be created at 46 Regent Street. The single-storey home with three bedrooms will likely be smaller than the homes being created for The Block. Biggin & Scott marketed 4 Archibald Street, too.

 

24 Clarence Street (sold May 2017 for $1.94m)

On a relatively busy road, this semi-detached home occupies a 414 square metre plot, and still exchanged hands for nearly $2 million. The Edwardian terrace, over two levels, includes three bedrooms and a small yard, and was last marketed by Biggin & Scott.

 

 

 

On the market at present: 75 St Georges Road

This Edwardian at 75 St Georges Road includes a standalone garage at the back of the block – but no right-of-way. It offers four bedrooms and a formal and informal lounge. The Block Elsternwick properties are expected to be more contemporarily appointed than 75 St Georges Road which is being marketed through Gary Peer.

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

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