Serial Block bidder Danny Wallis offloads Albert Park investment for $2.15m

Regular bidder and buyer on The Block Danny Wallis sold an Albert Park investment property for $2.15 million at auction on Saturday.

Wallis has become a regular character on Nine’s The Block, where he is known for bidding in unconventional increments. He has bought more than 10 Block properties. Nine is the publisher of this masthead.

THE DEAL: $1.8M - $1.95M

6 Gray Lane, Albert Park VIC 3206

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Wallis said he decided to sell the three-bedroom house at 6 Gray Lane because of the hassle of meeting new requirements under rental laws and didn’t want to pay increased land taxes.

“You’re just constantly having to get people in to do things,” he said. “It’s out of control.”

The property was one of 819 scheduled to go to auction in Melbourne this week. By evening, Domain Group recorded a preliminary auction clearance rate of 72.3 per cent from 602 reported results throughout the week, while 58 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

Landlords are required to adhere to minimum standards, such as installing a heater in the main living area and a compliant electrical switchboard and safety switches, and have to pay land tax on the value of their investments above $50,000. It was previously set at $300,000.

The home was listed for sale by Whitefox agent Peter Zervas with a quoted price range of $1.8 million to $1.95 million. Wallis renovated the house to add a second bathroom and updated the rest of the property.

Two first home buyers bid on the home. The auction opened with an offer at the top of the range. Zervas said the reserve was set at $2 million.

Wallis paid $1.8 million for the property in 2020, public records show.

The investor said he wasn’t sure if it was more financially beneficial to sell the property for capital gains rather than take in additional rental income, and he planned to sell off more investments to avoid the expanded taxes and requirements.

$840,000 - $920,000

37 Hope Street, Spotswood VIC 3015

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In Spotswood, a three-bedroom house with structural issues sold under the hammer to a builder for $950,000.

The home at 37 Hope Street was across from a train line and needed major repairs, but three bidders looking to snag a bargain took part in the auction. Buxton agent Matthew John listed the home with a quoted price range of $840,000 to $920,000.

The auction began with a vendor bid of $850,000. The reserve was set at $900,000 and the builder beat two first home buyers to purchase the home.

“It’s in a good location and does need a bit of work,” John said. “He’s got the know-how with doing that work and a lot of owner occupiers wouldn’t be as confident with it.”

$1,050,000 - $1,150,000

4 Amber Court, Cheltenham VIC 3192

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In Cheltenham, a family paid $1.21 million to beat three other bidders for the keys to a three-bedroom house.

The home at 4 Amber Court had a modern renovation and sat on a 635-square-metre block.

Ray White auctioneer and director Kevin Chokshi listed the house with a quoted price range of $1.05 million to the reserve price of $1.15 million.

Two bidders were families, one an investor and the other a developer who was considering knocking the house down, Chokshi said.

“It’s an older home that’s been tidied up, from the mid ’60s. There’s plenty of room to extend or renovate in the future,” he said.

“The land size played a big role, the location was good. It’s in a spot called the ‘golden triangle’ with lots of good schools nearby.”

Bidding started at $900,000 and Chokshi said potential buyers were slow to get involved. “They were hesitating at the start, and it kicked off after the first couple of bids,” he said.

In Brunswick, a two-bedroom Victorian home passed in despite a short flurry of bidding.

The house at 47 Gold Street had a 10-year-old renovation which included an upper floor with an open living area.

Nelson Alexander agent Carl Sacco listed the house with a quoted price range of $900,000 to $990,000.

Listing records show the property was a rental and was last advertised for rent in 2023 for $570 per week.

Auction $900,000 - $990,000

47 Gold Street, Brunswick VIC 3056

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The auction began with a vendor bid of $900,000 and two young people traded five small bids before the house was passed in at $925,000. The highest bidder spent about 20 minutes negotiating, but a deal couldn’t be reached.

Sacco said he’d expected more bidders to try to buy the home, and that the market was “patchy”. He refused to disclose the reserve.

“A couple of our parties didn’t show up, but we had two of them there,” he said. “Of the two that weren’t there, one of them found something else and bought elsewhere, and the other didn’t return our calls.”

Sacco said the home was yet to sell.