The Block Smashed A Record Last Night That Nobody Knew About
The sale of The Block apartments has set a record price for Port Melbourne.
The sparkle of the apartments being on TV had worked, with the apartments exceeding expectations when they went under the hammer.
Prices were well over their reserves, which was aided by the look of the heritage art deco building and the potential of the apartments.
The record price per square metre in Port Melbourne is $7,000, but during Sunday’s auctions, the price at 164 Ingles Street fetched between $2.25 million and $2.6 million, which equates between $8,764 and $10,528 per square metre.
The apartment that was renovated by winners Will and Karlie are most expensive in the 12 years the renovation series, hurdling the prices that were paid during the 2014 series finale in Albert Park.
Most of the apartments were snapped up by investors.