The Block's Mitch and Mark relist North Bondi apartment
Interior designer grandads Mitch Edwards and Mark McKie, who starred in The Block 2019, are trying again to flip their North Bondi project which didn’t find a buyer last year.
The duo paid $855,000 for the 80sqm, two-bedroom apartment in mid-2018, and then revamped the decor.
It’s now back up for sale with just a few further tweaks by the professional property flippers, who have made it a bit more beachy.
Theirs has been the only sale in the tightly held Hardy St block of 16 in the past five years.
Vicki Laing and Steven Bullock at Laing Real Estate have a guide of $900,000, which saw it attract strong interest from first-home buyers at its initial open for inspection yesterday.
“There were no investors,” Laing advised.
North Bondi currently has 13 apartments for sale. Its median unit prices over the past year has been $1,250,000, with investment apartments typically being rented for $688 a week, reflecting a 2.9 per cent rental yield.
Based on five years of sales, realestate.com.au calculates North Bondi has seen 6 per cent compound unit price growth.
The duo’s renovation in late 2018 saw them rip up the tired carpet to highlight its whitewash floorboards. There was also a new kitchen, with a wall knocked through so it is now part of the open plan living and dining area.
The apartment has been their home base before and after the television series.
Mitch and Mark brought controversy to The Block last year when they ended up finishing last among the contestant couples, albeit pocketing $384,000 when their terrace home sold for $3.374 million after the conversion of St Kilda’s Oslo Hotel.
Mitch and Mark, who had been backed as favourites before the Channel 9 series began given their extensive renovation history, lost out to Queensland newlyweds Tess and Luke Struber, who took home $730,000 after their terrace soared past its auction reserve.
The Sydney couple had pocketed $3.5 million in gains from their resales of properties over the prior 14 years, excluding $560,000 in stamp duties plus estate agent and conveyancing fees.
Their latest abode project was bought after the show finished last year when they paid $1.7 million for a four-bedroom 1970s home at Newport with an elevated position and views to the coast.
They recently interrupted their own project to assist Married At First Sight couple Cameron Merchant and wife Jules Robinson who needed a makeover after they spent $1,806,000 on a family home in Cromer.
This article first appeared in The Sunday Telegraph.