How much will The Block Octagonal South Yarra apartments go for?

How much will The Block Octagonal South Yarra apartments go for?
How much will The Block Octagonal South Yarra apartments go for?

Auctions for the Block are this weekend with buyer's advocate and judge, Nicole Jacobs describing buyer interest levels as fantastic.

Nicole Jacobs added that the interest is coming from a younger demographic that are working in the city, downsizers and families with children.

Investors are likely to be interested in Suzi and Bonni's apartment as she suggested to Domain that it has the highest tax depreciation of all the apartments however BMT officially advised it was Dean and Shay's apartment with the highest amount of depreciation deductions.

The priciest auction property is likely to be Dean and Shay's penthouse with Jacobs tipping definitely selling in the $2 million plus range.

Also potentially in the $2 million range is Luke and Ebony's apartment due to its popular open plan style.

The television series winners however will be determined by the amount above the as yet undisclosed reserve prices for each apartment, allowing the cheapest apartment to win the show prize. 

Caroline and Kingi's apartment has had "massive" interest, particularly for the internal finishes and could reach up to high $1 millions should there be extreme competition.

Wooden floors in the much maligned Andrew and Whitney's apartment should see their property hit $1.5 million as Nicole describes the couple as a dark horse.

Buyers' agent Nicole Jacobs attended all five auctions last year and bid on behalf of clients at three.

She said last year that she felt there wasn't the depth of buyers who wanted large apartments.

"I was going in to it worried that there were not five buyers at $2 million," she said.

"At that level, people are looking for a townhouse or a home"

The winner will be the highest price paid over the pre auction set reserve.

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

Tags: 
The Block Residential Market

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