Bondi The Block All Stars buyers blindsided by purchase price secrecy
We live in the Information Age and also one of reality television entertainment.
And when the two worlds meet, there's possibly no obligation for full and frank disclosure.
But surely, when it's intended for four buyers to tonight spend $1.5 million-plus on a Bondi cottage, there is.
Sadly, when it comes to the original price paid for the four cottages in the current series of The Block All Stars, it has all been kept under wraps.
It's thereby a problem for prospective buyers seeking to ascertain the starting price point for their auction bidding.
The four cottages from 6 to 12 Tasman Street, Bondi, were sold in one line with the producers of the program using a little-used loophole to keep their purchase price secret from public eyes.
The loophole undermines the torrens title land registration system, which is based on transparency. The details collected provide same street, same suburb and even national knowledge that allows specific or cumulative insights for everyone from the neighbours to the Reserve Bank of Australia.
Property Observer estimated the original price was about $4.4 million, i.e. about $1.1 million each. But Property Observer later revised the likely sale price higher to $5.2 million, i.e. $1.32 million each.
All the semis between 2 and 12 Tasman Street are described on the heritage site as an "outstanding row of early 20th Century semi-detached. Unusual to find such an intact row in this area. The buildings also have special interest for their detailing. Local significance. circa 1915."
The cost of the development application works is put at $800,000 plus.
Another price guide has since become available from two very similiar cottages in the same row that sold in late 2011.
There was a cottage at 2 Tasman Street (pictured below), which sold at $1.32 million in September 2011 after some renovations.
There was also a cottage at 4 Tasman Street (pictured below), which sold in November 2011 at $1.29 million unrenovated.
It's owned by estate agent Seaton Jones who's marketing the cottage of the tradesmen contestants, Mark and Duncan.
