The Block's Josh and Elyse spend $1.42 million on South Melbourne investment cottage

The Block celebrity couple Elyse Knowles and Josh Barker have secured a tenant for their newly acquired South Melbourne investment property.

The couple paid $1.42 million for the home (pictured above), however elected not to renovate before seeking a $690 a week tenant.

The home has two bedrooms, one bathroom and a courtyard.

There's no doubt the couple will renovate when they get a break from their busy lives in the public eye.

Elyse is a model with Myer.

They won The Block Elsternwick last year when comedian Dave Hughes spent $3 million on their reno. 

Josh and Elyse purchase came after they spent $1.35 million in the neighbouring Albert Park late last year. 

They moved in to the 1880s home and Josh painted everything white.

They appear to be set to renovate imminently.

Their purchase came after they scored $1.63 million for another renovation job, this one in Coburg.

They had paid $600,000 in 2014.