Darren Palmer secures $450,000 profit in Edgecliff sale
Just ahead of his judging appearances on another chilly Melbourne-based series of The Block, the interior designer Darren Palmer has skited of his recent Sydney home sales' success.
He boasted he and his partner, Olivier Duvillard made a profit of $450,000 on the Edgecliff home which cost them $1.35 million in 2013. It sold in November for $2.1 million through Pauline Goodyer of Goodyer Real Estate inconjunction with David Malouf at LJ Hooker Double Bay.
It sold to a young couple who fancied the walk-in, do nothing designer offering.
Palmer estimated the two level Federation property had increased $150,000 due to the rising market.
"Not a bad increase by anyone’s standards but it wasn’t going to be enough equity for us to substantially trade up into a bigger house in a better location."
Dubbing it a "tidy renovation," he said he needed several hundred thousand to improve it, and then desired several hundred thousand more as profit to roll into their new property purchase at Bondi.
"With a $250,000 renovation I was able to achieve a $2.1 million sale price."
The sale yielded a profit of $450,000 after holding costs and commissions were paid. The home had three bedrooms, attractive original fireplaces and a Travertine tiled terrace with built-in barbecue.
"The difference of $200,000 extra allowed me to climb another few rungs higher on the property ladder."
Pity The Block won’t always point you towards a profit.
Only last weekend a small loss came after a resale from the Blocktagon series.
The apartment renovated by Caro and Kingi fecthed $1.722 million which was $13,000 less than its $1.735 million price as last November’s televised auction when bought by the Mater Prize Home lottery who raffled it off to someone who didn't want it.
One of the biggest losses in its 13 year history came in the resale of a Bondi Beach offering. The two-bedroom Roscoe Street, decorated by Amity Dry and Phil Rankine, that had sold at $655,000 in the first 2003 series fetched $550,000, when resold by Fairfax Media two years later.
The next Block 2016 is currently being shot and will air after the Summer Olympics set in another chilly inner Melbourne suburb.
It is a 1920s Art Deco block at Port Melbourne.
Five couples will battle it out to transform the derelict interior, but no-one from NSW.
“This series has gotten off to a cracking start – one of our best yet," said host Scott Cam.
“It’s a magnificent building rich in history, and will hopefully make a few more couples rich too.”
In May, The Block won its fourth TV Week Logie Award for Most Popular Reality program. The show has distributed an astronomical cash total of $14,640,501 to its contestants since premiering on Channel 9 in 2003.
Scott Cam will again be joined by co-host Shelley Craft, judges Neale Whitaker,Shaynna Blaze and Palmer, along with “The Blockinator”, foreman Keith Schleiger, and his right-hand man, Dan Reilly.
This article was first published in the Saturday Daily Telegraph.