Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more international and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

The Block

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GUEST OBSERVATION
There has been quite a deal of commentary on the prices achieved for these properties and it’s important to understand why.
Those who know the South Yarra property market know that you cannot buy a 180sqm four level townhouse with double garage and cellar for $8,000/sqm. If you have one, then call us now as we have buyers!
We knew very early on these apartments were unique to South Yarra. There is nothing else on the market currently that compares. To buy under $11,000/sqm (apartment 2), under $12,000 (apartment 3) and under $13,000/sqm (apartment 4 and 1) you are buying very well in this prestigious suburb. This does not not even include the square meterage for the double gargae, cellars and storage!!
Jacobs Buyer Advocates are on record publishing a guide four weeks before the auction that the prices would be between $2m and $2.5m with strong competition, so we were not surprised, and neither were our buyers.
Experienced bidders at The Block auctions know that the bidding is fast. It is not like most Melbourne auctions being held every weekend where you can hear the birds chirping because everyone is ‘waiting for someone else to bid first’.
There are always hopefuls in the crowd wanting a bargain or to promote their company who never bid (year after year) or bid $1,000, not to slow the auction down but to get their faces on television.
The auctioneer for Josh and Charlotte, David Wood of Hocking Stuart is an experienced selling agent and auctioneer who is right when he said “ the properties were sandwiched in style between an apartment and a house, and that was a rarity for the suburb that boosted their appeal.
“The Block apartments brought something really special to the marketplace that the South Yarra market hasn’t seen for some time,” he said.
He went on to say, “I think they are a true representation of their worth in the marketplace today.”
The so-called ‘surprised buyers’ that were squeezed out of the market on the night would not have had this opinion had they read our free comprehensive report. We had enquiries at the lower levels however knew from our comparative sales data this would not mean they would be successful on auction night.
A buyer advocate is there to represent their buyers’ best interest. When you know the market facts and can confidently give this knowledge to your buyers they are being represented with integrity and authenticity.
Owner-occupiers are always going to be more emotionally invested when buying a property as opposed to investors who are largely focused on potential for capital growth, possible depreciation and rental return. The return for owner-occupiers who are going to live there for 10 or 20 years is not measured in these terms.
In deciding the value of any property, you first have to look at what the value of the land and the improved value of the property is. In this case, the property was initially purchased for $5.7m. Add stamp duties and legal costs and you’re already at approximately $6m.
Even with a conservative estimate of $300,000 of renovation costs per apartment, plus the $100,000+ of furniture and fittings and that adds another $1.6m to a total of $7.6m. Add a builder’s margin of 10% for holding costs, council, architect and engineering fees, and you’re now at over $8m for the 4 apartments which already values them at over $2m each before a profit is made.
The reserves added up to the cost of buying the property plus stamp duties and the owner (in this case Watercress Productions) decided that any profits, including renovation costs made thereafter would be given to the contestants for their effort.
The reserves are relevant only in context of the contestants’ profit. The market (usually two competing buyers) always determines the value of any property. There’s no such thing as above market prices, it just means that the market has moved on or values that specific property highly.
Nicole Jacobs is director of <a href="https://www.jacobsba.com.au/" target="_blank">Jacobs Buyer Advocates</a> and a judge on The Block: Triple Threat.
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The Block apartments were right on target for South Yarra prices: Nicole Jacobs

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GUEST OBSERVATION
What a great outcome for Channel 9, the contestants, and the owner-occupier buyers that had their hearts set on the townhouses of The Block. Being a part of this series has been a fantastic opportunity for me as I was able to educate the contestants and viewers on what adds value to a property and what the current market expects to see.
But for those scratching their heads at the sky-high takings, here is a rundown of the number of factors that Triple Threat’s success can be attributed to.
All of the properties appeal to the market for different reasons; some of the townhouses were larger, while others were better configured or had cleaner finishes. While furnishings are nice to look at and add to the feel of a room, it’s the configuration of the property that’s most important. Things like open plan kitchens or living and outdoor entertainment areas are spaces that are favoured by homeowners and tenants as they provide a welcoming atmosphere.
<img src="/images/2015/05/01/Greville%20Pabst%20at%20the%20Block.jpg" alt="">
Greville Pabst at The Block. Photo: Supplied.
As a certified valuer and buyer’s advocate, many of my clients are investors looking for sage advice on what can be one of the biggest fiscal decisions of their life. The Block apartments provided some very appealing tax depreciation benefits coupled with potentially strong rental income. These factors together meant that if purchased at the right price, The Block apartments might be positively geared. The South Yarra location and scarcity of the property is also favourable and means the properties are likely to benefit from sounds capital growth.
I base value on sales evidence factoring in current market sentiment. Generally speaking apartments and townhouses in South Yarra sell around the $8,000 per square metre to $10,000 per square metre of living area, depending on factors such as building size, location, orientation, car parking provided, accommodation, floor plan and level of finishes. It is good to note that the furnishings are not be included in a professional valuation of a property.
However, not all properties perform the same and without a history of sales performance it’s difficult for me to recommend the properties past a point, to my clients, whether buying for investment or home occupation, which should still be considered an investment. For an investor with a budget of $1.5 - $1.9 million The Block properties would have been a good investment. But over this price I would recommend to my investment clients be more discerning and purchase two or three apartments for the price of a single Block apartment or a single-fronted Victorian cottage on a separate title.
My clients employ me to stand back, assess, strike if the price is right for an investment and refrain from emotional buying. I chose not to invest my clients’ money. It may be a reality TV show but I am dealing with real people's money.
The Block is a fantastic game show, it is fun and we all love to watch it. I look forward to the next series.
GREVILLE PABST is CEO and director of <a href="https://www.wbpproperty.com/" target="_blank">WBP Property Group</a> and a judge on The Block Triple Threat.
Photo courtesy of Channel 9.
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Why The Block auctions were so successful: Greville Pabst

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GUEST OBSERVATION
Watching The Block last night, the end story was that "everyone was a winner".
The renovators won, the buyers agents won and the TV station won with the ratings, despite paying out a television record $3,165,000 in prizes.
Huge prices were paid for all of the St Kilda townhouses, with the winners Darren and Deanne selling for $835,000 over the reserve price of $1,455,000, or 57% more than what the property was valued at prior to the auction.
Winning a property at auction is a great feeling for buyers, with emotions of triumph and relief. In the following days the reality of a mortgage usually sets in and sometimes with varying degrees of buyers remorse.
Paying a huge price for a property would be fine if property markets were on an endless trajectory upwards. With growth in Melbourne and Sydney over the past few years at continually stratospheric heights, it is hard to blame buyers for thinking that growth will be endless.
For those of us who have been in the property industry for a long time, we know that markets rise, fall and also at times remain steady. We have seen many winners make large capital profits, however we have also seen many losers who have paid too much for their properties at the high end of a boom cycle.
Paying a premium amount for a property is less of an issue if the buyer will have no mortgage, however most people purchasing property do have mortgages and in the current market many have been borrowing a large percentage of the property purchase price.
Which brings us back to the large prices paid for the units in The Block. Now that the cameras have moved out and the production crew and media circus have moved on to other entertainment, the buyers will be preparing for the reality of settlement and paying the remainder due.
Is there any ongoing cachet or prestige for previous Block television properties? The answer in most cases is no.
The truth is that these places were renovated by amateurs finishing properties quickly on limited budgets to meet episode deadlines. Many will have repair and maintenance issues to be addressed, and when resold in the years ahead being a Block property is unlikely to be the sales agents main selling point. At that stage buyers will be more interested in the fundamentals of the property including the quality of the fittings and materials, the location, aspect and natural light, floor plan, noise, and the other important features.
As a buyers agent it was particularly disappointing to see the Melbourne buyers agent's conduct at The Block auctions. The approach appeared to be more concerned about "winning" for their clients regardless of the auction bidding increments made and eventual price paid. Professional buyers agents should be acting in the interests of their clients and often that involves advising them not to proceed with a property or to set a measured maximum price.
If bidding at auction on behalf of a client, it is best to not be continually on the phone to your client during the auction as it is harder to keep a poker face and to concentrate properly, and your competition will find it easier to see when you are nearly finished. We suggest clients have a pre-written maximum bidding amount, which means that our client's amount is determined by a proper price analysis on the property rather than being influenced by the frenzied bids of other buyers.
Henry Wilkinson is principal of buyer's agency <a href="https://www.homesearchsolutions.com.au/" target="_blank">Homesearch Solutions</a>.
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The Block - the real winners and losers: Henry Wilkinson

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GUEST OBSERVATION
Last night’s final of The Block Triple Threat saw all the contestants leave with big smiles, walking away with an average of $800,000 each.
For the fan favourites Dea and Darren who took home the big money -- $945,000 in total and setting a record for the highest earnings of any series of The Block – the result was bitter sweet, a stark contrast to their $10,000 prize money in last year’s Glasshouse series.
But what set this year apart from last year’s below par results on The Glasshouse?
No doubt location contributed to Triple Threat’s success. South Yarra is currently a hot market, with clearance rates sitting around 75% and prices growing by 8 per cent just last quarter alone. The area attracts young professionals, families and downsizers who value the amenities and abundance of cafes and restaurants. Not to mention, the proximity to the city and public transport options.
The uniqueness of the property type, essentially a spacious townhouse with high quality fixtures, was also a draw card for buyers. Having bought and sold in Melbourne’s southern suburbs for over 15 years, I can tell you the number of luxury townhouses in the area are far and few between. In this day and age where people lead busy lives, buyers are increasingly after the ‘lock and leave’, low-maintenance living that comes with a townhouse - without having to compromise on space and storage. The townhouse offer all of these things.
The inclusion of a Buyer’s Agent Jury played a crucial role too. In fact, myself and fellow Buyer’s Advocate Judge, Nicole Jacobs purchased three of the four apartments last night, bidding on all four properties. More importantly, we offered ongoing advice throughout the season to the contestants, sharing with them our market knowledge. 
The spotlight will be shining on Dea and Darren today, who no doubt deserve their win with their beautiful open plan apartment, which had the buyer in mind from start to finish. Josh and Charlotte, who narrowly came second by only $15,000, should also be commended for their fantastic upstairs bedroom which Shayna famously adored.
But the underdogs deserve credit too. As the successful bidder on Jess and Ayden’s apartment, my client walked away with the best value purchase. Purchased at $2 million, this property was a steal for the night with a well-designed kitchen, inclusion of the free Suzuki Swift and five years free contents insurance. This property will provide really good returns in the long run.
The Block is done and dusted for this season, but for the new homeowners of The Block Triple Threat, a new chapter has just begun.
The final results:
<ul>
<li>FIRST PLACE: Darren and Dea (Apartment 4)</li>
</ul>
Reserve – $1,455,000
Opening bid - $1,900,000
Sale price - $2,290,000
Winnings - $835,000 + $100,000 winning prize money = $935,000
<ul>
<li>SECOND PLACE: Josh and Charlotte (Apartment 1)</li>
</ul>
Reserve – $1,390,000
Opening bid - $1,900,000
Sale price - $2,200,000
Winnings - $810,000
<ul>
<li>THIRD PLACE: Tim and Anastasia (Apartment 2)</li>
</ul>
Reserve – $1,420,000
Opening bid – $1,560,000
Sale price – $2,175,000
Winnings – $775,000
<ul>
<li>FOURTH PLACE: Jess and Ayden (Apartment 3)</li>
</ul>
Reserve – $1,335,000
Opening bid – $1,700,000
Sale price – $2,000,000
Winnings - $665,000
Frank Valentic is the founder of independent buyer’s advocacy service <a href="https://advantageproperty.com.au/" target="_blank">Advantage Property Consulting</a>. 
Over its 15 years of operation, Advantage has expanded its service offerings to include Property Management, Vendor’s Advocacy, Group Block Purchases and Owner’s Corporation services, having bought and sold for over 3000 clients.
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Buyer's agents buy big at The Block Triple Threat finale: Frank Valentic

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So the foreman Keith was the closest to estimating the selling price when he suggested $2 million quite early in the latest season of The Block.
No-one else went closer - not even <a href="/expert-insights/building/darren-and-dees-renovation-tipped-to-top-the-block-and-sell-for-more-than-1-6-million">the realAs guesstimate website algorithms</a> which struggle factoring in emotion.
Jellis Craig’s Andrew McCann and Carla Fetter again lead an auction campaign to deliver a win for the provocative couple, Deanne and Darren Jolly on The Block Triple Threat.
This was the second win for the Jellis Craig sales team, having previously secured a win for the Voss brothers on The Block Glasshouse last year.
The televised auction saw, 4/27 Darling Street, South Yarra go under the hammer with five buyers.
Supported by the Sydney auctioneer Damien Cooley, Jellis Craig sold the apartment for $2.29 million against its ultra-conservative reserve of $1,455,000.
The entire block of the then 12 apartments had been bought for $5.69 million before the four townhouse conversion, so the reserves didn't even match the initial pre-renovation acquisition costs.
Gotta love the Deanne and Darren comeback win on The Block - walking away with $935,000 in funds will see them re-enter the property market <a href="/expert-insights/buying/former-afl-ruckman-darren-jolly-sells-surrey-hills-and-joins-the-block-prahran">after selling in Surrey Hills</a>. That's after they take their girls on a spontaneous holiday.
But the other big winner on the night was their auctioneer Damien Cooley who yet again showed up the locals for his sale topping auctioneering results.
He's won four times for his clients.
Sure this time they had the best apartment with the key features of the biggest balcony space and undercover access from the garage.
But Damien Cooley secured the decisive last bid from the buyers agent Nicole Jacobs to possibly win the night for Deanne and Darren.
He then had to see if it was enough, which it was.
Damien Cooley showed the merits of the auction system which currently puts most of his Sydney vendors in the plum position of getting more out of buyers than they would ever dream.
<img src="/images/2015/05/01/image1.JPG" alt="">
Obviously the Block silliness triggered higher than sensibly expected prices.
Comparable sales of townhouse apartments in South Yarra have ranged between $8,000 and $10,000 per square metre, while the Block apartments fetched between $12,000 and $13,000/sqm.
Just before Damien conducted the auction Deanne’s last words were “leave nothing on the table”, and Damien did just that.
<img src="/images/2015/05/01/image2.JPG" alt="">
The couple would have finished in second place if he had not secured a final bid of $32,000, winning the series by just $25,000.
Buyers agent, Nicole purchased the property on behalf of a couple with teenage children. The family was downsizing from their large home in Brighton who no longer wanted the responsibility of maintaining a backyard and pool.
<img src="/images/2015/05/01/image3.JPG" alt="">
They loved the idea of purchasing a home with everything included and plan to sell the entire contents of their Brighton home (minus a few valuable items) and keep all of Deanne and Darren’s winning furnishings and styling.
<img src="/images/2015/05/01/image4.JPG" alt="">
Photos: Supplied
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jchancellor-FAypfDUnLy

Damien Cooley highlights "nothing left on the table" auctioneering style in The Block win

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Melbourne couple Deanne and Darren Jolly have won The Block Triple Threat. In a battle of the buyer's agents, Nicole Jacobs beat out fellow Block judge Frank Valentic to secure the winning townhouse for $2.29 million.
The returning couple's renovation at <a href="/expert-insights/building/darren-and-dees-renovation-tipped-to-top-the-block-and-sell-for-more-than-1-6-million">4/27 Darling Street (pictured above)</a> sold for almost $835,000 over reserve at last night's South Yarra auction, which was televised tonight.
With a reserve price of $1,455,000 (once taking into account various prizes), the couple take home $935,000, thanks to the $100,000 prize they receive as the team with the highest price over reserve.
In second place were Josh and Charlotte. Their townhouse, <a href="/expert-insights/building/the-block-triple-threat-units-listed-and-auction-date-revealed">1/27 Darling Street</a> sold for $2.2 million, $810,000 above the $1.39 million reserve.
Tonight's results were likely a relief for The Block producers as well as Deanne and Darren, after The Block Glasshouse's <a href="/expert-insights/building/smashing-win-for-simon-and-shannon-in-the-block-glasshouse-auctions-results">disappointing results</a>. Last year, Dee and Darren took home just $10,000 after months of work, as did Carlene and Michael.
Queenslanders and audience favourites Jess and Ayden, often considered the underdogs this season, sold their renovation at <a href="https://www.realestate.com.au/property-townhouse-vic-south+yarra-119448343" target="_blank">3/27 Darling Street</a> in South Yarra for $2 million, $665,000 above their reserve price of $1,335,000.
Josh and Charlotte's apartment was auctioned by returning auctioneer <a href="/expert-insights/building/david-wood-of-hockingstuart-to-auction-charlotte-and-joshs-the-block-triple-threat-apartment">David Wood of Hockingstuart Albert Park</a>. It seemed that auctioneers with Block success experience were a good bet for contestants – Deanne and Darren's win marks the fourth Block win for auctioneer Damien Cooley. Cooley has now appeared on seven Block series.
Tim and Anastasia, renowned for their storm offs during the season, took home $755,000 after selling Unit 2 of 27 Darling Street for $2,175,000, with a reserve price of $1.42 million.
The final results and reserves: 
<ol>
<li>Deanne and Darren 4/27 Darling Street Price: $2.29 million Reserve: $1,455,000 Winnings: $835,000 plus $100,000 prize 
</li>
<li>Charlotte and Josh 1/27 Darling Street Price: $2.2 million Reserve: $1.39 million Winnings: $810,000 
</li>
<li>Tim and Anastasia 2/27 Darling Street Price: $2,175,000 Reserve: $1.42 million Winnings: $755,000 
</li>
<li>Jess and Ayden 3/27 Darling Street Price: $2 million Reserve: $1,335,000 Winnings: $665,000</li>
</ol>
The Block claims this season it has given away the biggest prize ever awarded in television history, surpassing the $2.4 million amassed by contestants in The Block Fans v Faves.
After the reserves were announced, the auction order was determined. After some predictable quarreling, which saw Deanne and Darren insist they wouldn't go first. Host Scott Cam had to resort to pulling names out of a hat to determine the order.
Tim and Anastasia chose the first position, Jess and Ayden went second. Deanne and Darren went third, with Josh and Charlotte the final team to auction their apartment.
Proceedings began with Tim and Anastasia's unit, marketed by Doug Doyle and Russell Cambridge of Biggin &amp; Scott Richmond. Buyer's agent Jacobs began proceedings strong with a $1.5 million bid, battling it out with Valentic. A new bidder entered at $1.87 million, with Jacobs and Valentic continuing to bid, often at $10,000 or $20,000 increments. The third bidder wasn't seen again, as the price surpassed $2 million. Jacobs secured the apartment for $2,175,000. The result gave Tim and Anastasia a $755,000 profit, about $75,000 for each week of work they put in on The Block. 
Their earnings were well over the $636,000 profit taken home by Steve and Chantelle on <a href="/news/substance-over-style-as-chantelle-and-steve-win-the-block-2014-fans-v-faves">The Block: Fans v Faves</a>.
Jess and Ayden's auction was second. Their townhouse, number 3, was marketed by Adam Joske and Joel Ser of Gary Peer &amp; Associates, Caufield North. Stuart Benson auctioned the apartment. Jacobs again started bdiding off strong at $1.7 million, with Valentic quickly coming back with $1.8 million. A third bidder entered at $1.95 million. Valentic secured the apartment for a client at $2 million.
Third up was Darren and Deanne's renovation, auctioned by Cooley and marketed by Andrew McCann and Carla Fetter of Jellis Craig. Bidding began at $1.9 million, quickly reaching $2.1 million. Valentic and Jacobs, along with a third bidder. Jacob held the property at $2.22 million, with Frank consulting a client over the phone pushing the price up by $5,000 increments. Jacob responded with a $2.25 million bid. Valentic resorted to a $1,000 bid.
Jacobs finally knocked Valentic out with a $2.29 million bid, with Deanne and Darren securing the $835,000 profit, making them the winners of the biggest prize ever awarded in The Block.
Finally, Josh and Charlotte's townhouse went under the hammer. Unit 1 was sold through Wood with Mark Konishi and Georgia Whitford of hockingstuart South Yarra. Bidding yet again started strong at $1.8 million. Jacobs, Valentic and two other bidders were engaged, with Valentic and a bidder at the back of the room, who appeared to be Chris Barrett of Marshall White, going back and forth. Barrett secured the townhouse for $2.2 million, giving Josh and Charlotte a $810,000 profit.
The results were largely predicted, with buyer's agents Greville Pabst and Frank Valentic, who served with Nicole Jacobs on the buyer's agents jury this season, both tipping that Deanne and Darren's apartment would attract the highest price.
Before the auctions, Frank Valentic said that "Darren and Dea's fans will see a hotly contested auction for one of the biggest apartments and the only backyard on The Block." Similarly, price prediction website realAs tipped that the Jolly's renovation would <a href="/expert-insights/building/darren-and-dees-renovation-tipped-to-top-the-block-and-sell-for-more-than-1-6-million">sell for the highest sum</a>, expecting a $1,654,000 price tag.
The results show was watched by just over 2 million in the five major capital cities.
Although another season of The Block is now over, it's probably not the last you'll see of The Block Triple Threat's faces. While Deanne denies she's set for the Real Housewives of Melbourne, Ayden and Jess will return to our screens on spin-off show Reno Rumble, while serial Block bidder and now judge Valentic may have a role on another production.
<img src="/images/2015/04/29/Picture%2065.png" alt="">
 {mijopolls 108}
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Deanne and Darren's $935,000 Block 2015 Triple Threat auction result redemption

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The four renovated Block South Yarra apartments that go to auction this week cost $5.69 million when bought in one line in March last year.
There were three bidders, who pushed it to $570,000 over reserve price.
It was bought by The Block production company, Watercress Productions who faced competition from the omnipresent buyer's agent Frank Valentic.
The onsite auction was conducted by Beller Residential's<a href="https://www.youtube.com/watch?v=p5-96mG0oLs" target="_blank"> auctioneer Robert German</a>.
{qtube vid:=p5-96mG0oLs}
The 27 Darling Street property was a three level brick apartment complex which includes 12 apartments (three two bedroom units, three one bedroom units) with 12 undercover parking spaces.
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The Block's South Yarra initial purchase auction

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For those hoping to spin a profit from their properties, are The Block apartments really worth it?
Buyer's advocate and Block judge Frank Valentic has successfully bid on more Block apartments than anyone else, and is planning to do so again at next week's Triple Threat auction.
His clients are mostly investors, renting out their fully furnished Block purchases. Valentic has bid on 16 Block apartments in total over the years, securing four for his clients.
The first was in 2011. 39 Cameron Street in Richmond was the winning renovation for Polly and Waz, with Valentic's investor client paying $855,000. Valentic says it remains the Block purchase with the best value, calling it "the steal of the century".
"We bought it in a downturn market," Valentic tells Property Observer.
"The market peaked in April 2010, then went in a downward spiral for the next two and a half years."
A year and a half into that downward spiral, Polly and Waz's renovation appeared. A tenant who's been renting the property for three years pays $975 a week.
<img src="/images/2015/04/24/richmond%20april%2042%20one.jpg" alt="">
<a href="https://www.domain.com.au/property/for-rent/house/vic/richmond/?adid=7185085" target="_blank">39 Cameron St, Richmond</a> (currently managed by Advantage Property Consulting)
<ul>
<li>Renovated by Polly and Waz</li>
<li>Purchased by an investor in August 2011 for $855,000.</li>
<li>Currently leased for $975 per week</li>
<li>5.9% yield</li>
</ul>
The house has been recently valued at $1.1 million, following a resales of neighboring Block properties. <a href="https://www.realestate.com.au/property-house-vic-richmond-107575775" target="_blank">37 Cameron Street</a>, which was renovated by Josh and Jenna, was purchased for $1 million at the televised auction, and resold in 2013.
Rod and Tania's renovation at <a href="https://www.realestate.com.au/property-house-vic-richmond-114996643" target="_blank">43 Cameron Street</a> also resold in 2013, for $1,038,000. The result was $216,000, or 23.4%, above its 2011 price of $922,000.
The next Block property Valentic secured for a client was the Sky High apartment renovated by Western Australian couple Matt and Kim. The apartment at 201/142 Park Street in South Melbourne cost the buyer $1,455,000. The downsizer originally lived in the apartment, before moving out and renting it for $1,600 a week, or a 5.7% yield.
<img src="/images/2015/04/24/south%20melbourne%20april%2024%20one.jpg" alt="">
<a href="https://www.domain.com.au/property/for-rent/apartment-unit-flat/vic/south-melbourne/?adid=9028861" target="_blank" style="font-size: 12.1599998474121px; line-height: 1.3em;">201/142 Park St, South Melbourne </a>
<ul>
<li>Renovated by Matt and Kim</li>
<li>Purchased in July 2013 for $1,455,000 by a downsizer</li>
<li>Now used as an investment property, leased for $1,600 per week</li>
<li>5.7% yield</li>
</ul>
Valentic says his clients are attracted to the rental yields on offer at The Block apartments, with all of the Block investment properties he has secured yielding over 5%. According to SQM Research, the Melbourne implied gross rental yield for a unit is sitting under 4.5%.
"I think The Block itself has a pretty successful formula and the locations they're choosing are blue chip suburbs," says Valentic.
"They are bulletproof suburbs."
Melbourne Block series have been filmed in Prahran, Albert Park, South Yarra, South Melbourne and Richmond.
"You're up there in some of the best 10 suburbs in Melbourne in terms of price growth, demand, amenities, cafes and lifestyle," says Valentic. The tight supply of properties each season also boosts their value.
"It is a boutique block, they're only building four or five," Valentic explains.
"So each has land value – you're buying one quarter of a block of land in South Yarra or Prahran."
Perhaps the most "bulletproof" ofthe Melbourne Block properties so far has been the Dux Theatre in Albert Park, where The Block: Fans v Faves series was filmed. There, the renovators made record profits as Block property <a href="/news/substance-over-style-as-chantelle-and-steve-win-the-block-2014-fans-v-faves">prices reached $2.47 million</a>.  That's how much Valentic bid for the winning apartment, renovated by Steve and Chantelle. Unlike some of his other Block purchases, 1/47 O'Grady St, Albert Park was bought by owner-occupiers – a young couple with a baby.
<img src="/images/2015/04/24/albert%20park%20april%2024%20one.jpg" alt="">
<a href="https://www.realestate.com.au/property-apartment-vic-albert+park-116364403" target="_blank">1/47 O'Grady St, Albert Park</a>
<ul>
<li>Renovated by Steve and Chantelle</li>
<li>Purchased in April 2014 for $2,470,000 by owner-occupiers</li>
</ul>
Valentic again secured the most expensive apartment on offer last season, at The Block Sky High in Prahran. Simon and Shannon's apartment at 4/125 High Street sold for $1.9 million to an investor from Kilsyth, who plans to move in when their kids are older and leave home. Tenants were secured within a week of settlement.
<img src="/images/2015/04/24/prahran-paril-24-one.jpg" alt="">
<a href="https://www.4-125highstreetprahran.com" target="_blank">4/125 High St, Prahran</a>
<ul>
<li>Renovated by Simon and Shannon</li>
<li>Purchased Oct 2014 for $1,900,000 by investor who will move in when kids older</li>
<li>Rented for $1,900 per week</li>
<li>Yield 5.2% (plus $69,000 in depreciation)</li>
</ul>
With the apartment renting out for $1,350 per week and depreciation reaching $69,000, Valentic says his clients are more or less positively geared.
The <a href="/expert-insights/finance/the-block-triple-threats-depreciation-tax-treat-for-investors">tax benefit</a> that comes with purchasing newly renovated, fully furnished apartments is a major cash flow boost for investors.
And although the judges may put a big premium on the rugs and fancy furniture that litter the Block properties, Valentic says the $120,000 or so worth of furnishing aren't a priority for his clients. Instead, they're interested in capital growth, rental returns, and their costs.
"That's what my investors are looking for," says Valentic. "Buying in a bulletproof suburb where you find cash flow positive properties."
Note: This article originally incorrectly stated that Simon and Shannon's apartment was being rented for $1350 per week. This error has been corrected.
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With these returns, would you buy a Block apartment?

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GUEST OBSERVATION
When The Block’s Buyers Jury looked at contestants’ staircases and studies, there was plenty potential for improvement.
With small timeframes, the contestants struggled to finish. However, the scores were a major reflection on what happens when Blockheads present judges with unfinished rooms.
The silver lining of seeing unfinished rooms was that we were able to quickly identify issues that buyers may have with the structure and potential use of the spaces.
<img src="/images/2015/04/22/Judges%20and%20Shelly%20on%20stairs.jpg" alt="">
For instance, I felt déjà vu when entering Tim &amp; Anastasia’s breakaway space. It was definitely an opportunity lost when they didn’t capitalise on the large area given. If they had instead turned the lounge into another bedroom, they would have created a point of difference that may have attracted an increased price with the buyers come auction day.
Dea &amp; Daz would have also benefit by thinking about the functionality of their study’s space and how people would use it as a home office.
Something else that could have been reconsidered were Charlotte &amp; Josh’s shutters in their study, as they were an expensive choice that may put off investors. Because of the positioning of their desks, the shutters were an impractical aesthetic feature that served little function. On top of that, because the shutters were in a position that made them hard to clean, it could mean that maintaining them can be a potential drain on the hip pocket.
As auction day fast approaches, it would be interesting to see how much of our advice the contestants have taken on.
Contestant scores from the Buyers Jury:
<ul>
<li>Charlotte &amp; Josh – 21.5</li>
<li>Tim &amp; Anastasia – 11.5</li>
<li>Ayden &amp; Jess - 27</li>
<li>Dea &amp; Daz - 15</li>
</ul>
GREVILLE PABST is CEO and director of <a href="https://www.wbpproperty.com/" target="_blank">WBP Property Group</a> and a judge on The Block Triple Threat.
Photo courtesy of Channel 9.
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When ‘form over function’ doesn’t pay off: The Block's Greville Pabst

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The three buyer's agents who have been providing advice to the contestants on The Block Triple Threat are in a unique position.
Usually tasked with representing potential buyers, Greville Pabst, Nicole Jacobs and Frank Valentic have also been helping out the vendors, the Channel 9 television series production company giving advice to the contestants each week on what buyers value in a home.
When <a href="/expert-insights/building/leading-melbourne-buyers-agents-join-the-block-triple-threat">it was announced</a> at the beginning of this season that the buyer's advocates would be joining the show, many speculated that the move was intended to prevent a repeat of last season's dismal auction results.
However, although at least two of the three buyer's agents will be representing bidders at the auction on 28 April, they insist there is no conflict of interest.
Nicole Jacobs, the founder of Jacobs Buyer Advocates, tells Property Observer that the situation is not too different from a buyer's advocates usual duties.
"Each week we gave advice as buyer advocates as to whether the couples were meeting the expectations of the South Yarra market; finishes, floor plan and fixtures," said Jacobs.
"All the couples engaged selling agents early on in the process. This campaign is no different to any other where we might be asked for advice or for feedback from a selling agent (acting for their vendor) on what we think about the property from a buyer's perspective."
The Real Estate Buyers Agent Association of Australia (REBAA) defines buyer's agents as "licensed professionals who specialize in searching, locating, evaluating and negotiating the purchase of property on behalf of buyers".
"They do not sell real estate," reads the REBAA website. "They are engaged independently and paid for by the buyer to act on their behalf. The key difference between a selling agent and buyer's agent is who they represent as, by law, an agent cannot act for and accept a commission from both parties in the same transaction."
Paul Bird of the Real Estate Institute of Victoria (REIV) says the role of the buyer's agents as judges does not quite reflect a selling agent's role.
"Under the estate agents act, you can't act as both a selling agent and a buyer's agent concurrently," says Bird.
"But this particular example is a little bit different, in that with The Block, there are some people who are giving a bit of advice to those who are looking to put the properties to market. It's really just a bit of interior design and other advice by these people."
"It is slightly different to acting as both a selling agent and a buying agent," Bird explains.
"If you were employed by the vendor to sell a house and you were wanting to bid at auction or have an associate bid on the auction, it would be a breach of the [Estate Agents Act 1980]."
He says the situation is "slightly outside of the standard clarity in the Act around being both a selling agent and a buyer's agent."
Greville Pabst clarifies that the contestants are not the actual vendors, although they stand to profit from participating in The Block. "Our role on the show is very specific – help the contestants maximise the appeal of their properties to prospective buyers," says Pabst.
"More interest in the properties means greater competition, which may result in a better sales result for the properties, and hence what contestants walk away with on auction day. However, it is important to acknowledge that in this case the vendor is in fact Watercress Productions, not the contestants."
Advantage Property Consulting's Frank Valentic, who has successfully bid on multiple Block properties before, will be attempting to do so again later this month. He notes the separation of his role as a Block judge and his role as a buyer's advocate, with his judging role wrapping up before Christmas.
"From Christmas my hat was on as a buyer's advocate," says Valentic. Jacobs also says she is well and truly working only as a buyer's agent in the lead up to the auction," she says.
"We are now focusing on pre-auction meetings with our clients and sharing with them the extensive research that we have done on each of the asset classes within the South Yarra market so they can make a fully informed decision."
Valentic explains how his judging role worked last year.
"All we're really doing is coming on and giving some tips from the buyer's perspective from what the buyers are looking for," he said.
"They've still got their selling agents guiding them and representing them."
His clients will have their budgets come auction day and he will be set on securing the properties for the best prices, while "the agents are going to be trying to sell at the highest price," says Valentic.
According to Pabst, he's received "a lot of interest" from potential buyers, especially investors. "My role as a Buyers' Advocate is to advise my clients on how to select and successfully purchase property that will deliver high capital growth. What I can tell you is we have received a lot of interest from a number of potential buyers, particularly investors due to the tax depreciation and the rental income potential of each of the four South Yarra apartments.
"While the Buyers Jury provided guidance to Block contestants throughout the renovations, on auction day we represent the buyers and their best interests"
At the end of the day, says Jacobs, the buyer's agents are only there for the buyers.
"We hope all the couples get the outcome they are looking for but ultimately, we are there to represent our buyers' interests," she says.
Note: This article has been amended to include Greville Pabst's comments. 
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