Block-designed apartment fetches surprise $600k result

An apartment with a Block connection has sold in Moonee Ponds for $600,000.

First-home buyers are moving fast in Melbourne’s inner northwest, with a Darren Palmer-designed apartment snapped up below its 2017 price.

The property sold for $600,000, giving a young buyer a rare chance to secure The Block star’s design pedigree in a suburb where houses average nearly $1.5m.

The two-bedroom, two-bathroom unit inside the MOPO tower at 333 Ascot Vale Rd last sold for $625,000 in 2017 and had been guided at $525,000-$565,000 this campaign.
RELATED: Major shake-up in Ch7’s new TV show

Revealed: How much Block contestants really made

Exposed: Shock earnings of Block cast leaked

Matthews Agency director John Matthews said two serious offers were put forward before expressions of interest closed, with a younger buyer sealing the deal.

“We had a mix, but it was mostly younger buyers,” Mr Matthews said.
“They’re getting strong incentives at the moment, things like the first-home buyers’ deposit scheme and stamp duty savings, and the area is fast becoming the cosmopolitan hub of the inner northwest.

“The night-life, the dining, the energy, it’s all happening here.”

Open-plan lounge offers light-filled living in the MOPO tower.

he Block judge Darren Palmer’s design flair added prestige to the building. Picture: Instagram

Palmer’s interior touches include stone benches, integrated appliances and bespoke cabinetry, Mr Matthews said the name recognition added prestige.

“Darren Palmer’s name carries weight, buyers feel reassured knowing he’s been involved,” he said.

The building, designed by Peddle Thorp Architects and Accord Property Group, also features a rooftop sky lounge with sweeping city views, plus trams and Moonee Ponds station at the doorstep.

Sleek stone-bench kitchen with integrated appliances and bespoke cabinetry.

Balcony views stretch across Melbourne’s inner northwest.

The Matthews founder and director said proximity to Puckle St, Hall St’s wine bars and the coming Moonee Valley Racecourse redevelopment were strong drawcards.

“We pushed ‘45 steps to Puckle Street’ in the campaign,” Mr Matthews said.
“It has that CBD feel without paying Essendon or Flemington apartment prices.”

MOPO’s rooftop sky lounge delivers sweeping city skyline views.

Mr Matthews told The Herald Sun he worked at the old Moonee Ponds market as a teenager and revealed the suburb “lost its soul” when the site was sold and turned into a car park, but was now bouncing back.

“Big-name tenants like Grill’d, Hunky Dory, Brunetti’s and Palace Cinemas have all moved in,” he said.
“And once the racetrack precinct is redeveloped, more commercial activity will drive the resurgence.”

Matthews Agency director John Matthews said younger buyers were leading demand.

Contemporary bathroom with modern finishes and designer touches.

While the apartment sold for less than its 2017 price, Mr Matthews tipped steady growth ahead as affordability pressures push more buyers into high-density living.

“Today’s buyer has got in at a sharper level, but over time these apartments should lift,” he said.
“Affordability is going to push more people toward apartment living, and the fundamentals are strong.”

Mr Matthews added the suburb was reclaiming its mantle as the “Toorak of the north” with its blend of retail, racing and entertainment.

Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.

MORE: Revealed: Block foreman’s shock new role

Major retailer heading to Melbourne’s west

Named: Melbourne suburb to bag bargain homes

david.bonaddio@news.com.au

The post Block-designed apartment fetches surprise $600k result appeared first on realestate.com.au.