Finance Property Former The Block couple’s $2.9 million windfall

Former The Block couple’s $2.9 million windfall

Darren and Deanne Jolly sold their Melbourne investment property at auction. Photo: Nine Network
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Dea and Darren Jolly, who won almost $1 million as winners of The Block Triple Threat in 2015, have made another hefty windfall after selling their Kew East investment property for $2.908 million at auction.

The Jollys pocketed a nice gain from the sale of the rebuild and renovation project after purchasing the property at 14 Irymple Ave in a rundown state for $1.395 million in June last year.

The couple controversially bulldozed the 1920s heritage-protected California bungalow before retrospectively gaining a planning permit.

They transformed the property into a four-bedroom family home with a pool.

Bekdon Richards auctioneer Paul Richards said a crowd of about 300 watched a young family win the highest bid.

“They loved the outdoor area with the cathedral ceilings opening up out over the pool and deck and the marble benchtops in the kitchen were really popular,” he told the Herald Sun.

The home at 14 Irymple Avenue, Kew East. Photo: Bekdon Richards
The kitchen features a Calacatta marble island bench lit by handmade ceramic pendant lights, with Miele appliances including two pyrolytic ovens. Photo: Bekdon Richards
The master bedroom has a nice view of the pool. Photo: Bekdon Richards
Good for entertaining. Photo: Bekdon Richards

Melbourne, with 1110 scheduled auctions, had an 81.2 per cent success rate at weekend auctions – one of four capitals to achieve above 80 per cent. 

The strengthening markets of Canberra, Melbourne and Adelaide have joined Sydney, which is now being challenged as the nation’s strongest auction market.

There were around 2246 auctions held across all the capital cities with a preliminary national clearance rate of 79 per cent.

At the same time last year, CoreLogic had the results substantially weaker, with 69 per cent of auctions being sold, with considerably higher volume, some 3016 capital city auctions. 

Canberra had the top clearance rate at 86 per cent across 68 auctions.

“This is the highest clearance rate Canberra has recorded this year, while one year ago the clearance rate was lower at 62 per cent,” CoreLogic’s Kevin Brogan said.

Canberra prices ranged in a tight range between $285,000 at Gungahlin for a one-bedroom townhouse and $1.37 million in Yarralumba.

Original red double brick home in Yarralumla.
Original red double brick home in Yarralumla. Photo: Peter Blackshaw

Melbourne had the highest sale of the weekend when $4.35 million was paid in Canterbury, well above the $3.5 million-plus price guidance for the four-bedroom Monomeath Place offering.

3 Monomeath Place has a large timber and stone kitchen equipped with full butler’s pantry. Photo: Marshall White
It has a central family bathroom appointed with marble and designer finishes. Photo: Marshall White

Next most expensive was a vast 1920s apartment on the Beaconsfield Parade, Middle Park promenade which sold for $3.07 million having had a $2.7 million-plus price guidance.

 Melbourne also had the nation’s cheapest result at $259,000 for a three-bedroom brick house in Melton.

The Melton home was Melbourne's cheapest sale.
The Melton home was Melbourne’s cheapest sale. Photo: Professionals

In Adelaide, the 80 per cent success rate was the highest reported for the year from around 100 listings.

Over the same week last year it was 64 per cent of the 127 offerings. Adelaide prices ranged between $280,000 at Oaklands Park and $1.3 million for a four-bedroom 1930s Tudor style home at Linden Park which was sold pre-auction. 

2 Booth Avenue Linden Park. Photo: Elders Real Estate
Landscaped garden and swimming pool with spa. Photo: Elders Real Estate

Preliminary results show that Brisbane’s clearance rate sat at 55 per cent, comparable to the 54 per cent last year. Brisbane prices ranged between $530,000 at Calamvale and $3 million pre-auction at Indooroopilly on the river. 

Sydney hosted 774 auctions this week with an 81.5 per cent clearance. Last year 1197 auctions were held and the clearance rate was 69 per cent.

Sydney’s top sale which was $4.12 million in Vaucluse, the one-time home of then barrister Neville Wran, who became NSW’s 35th premier in 1976.

The 10 Princes Avenue home was where Wran lived in the 1960s with his first wife Marcia and their two children, Glenn and Kim.

Daniel Baran, of The Agency, said the sale was above reserve by more than $600,000.

The 1920s home on its 650 sq m block was purchased by Wran for £13,000 in 1961 and sold five years later for $40,000.

The property last traded in 1993 for $890,000.

10 Princes Avenue Vaucluse sold under the hammer for $4.12 million. Photo: The Agency
Grand interiors feature decorative ceilings and parquet floors. Photo: The Agency
It has iconic harbour and city views. Photo: The Agency

CoreLogic’s Mr Brogan said auction volumes had rebounded following the Labour Day long weekend which coincided with the AFL and NRL grand finals.

Jonathan Chancellor is editor-at-large at Property Observer.

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