Forget furnishings and focus on configuration, says Greville Pabst.
As a judge on The Block and the CEO of WBP Property, a leading property valuations and buyers advocacy firm, Greville Pabst is well placed to offer advice on home buying. Whether you're looking to purchase something to live in or as an investment, Pabst recommends that buyers focus on the configuration of a property.
"While furnishings are nice to look at and add to the feel of a room, it’s the configuration that’s most important," says Pabst. "Open plan kitchens, living and outdoor entertainment areas are favoured by homeowners and tenants as they provide an inclusive entertaining space. It is good to note that the furnishings are not to be included in a professional valuation of a property."
Pabst said The Block apartments provided some very appealing tax depreciation benefits coupled with potentially strong rental income. "The South Yarra location and scarcity of the property is also favourable and means the properties are likely to benefit from sounds capital growth," says Pabst. He says the properties would have been a good investment for an investor with a budget in the range of $1.5 – $1.9 million dollars, but over this budget, he would recommend his 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.