Having pocketed $72,000 in Richmond, The Block 2011 contestants Rod and Tania take their DIY skills to Port Melbourne

The Block 2011 contestants Rod and Tania Walsh, have bought a $570,000 renovator’s delight in Port Melbourne with the assistance of their prize money.

Last traded six decades ago, the cottage was described as a “premium opportunity that astute developers, renovators and investors will find too good to refuse”.

It was offered as an ultra-modern townhouse site but the couple are set to utilise the home's period-inspired charm by restoring the home to its former glory.

It was sold by Buxton agent Rowan Lee.

The two-bedroom cottage, with high ceilings and baltic timber floors, comes with potential city views, subject to council-approved plans.

“We don't plan on renovating our new property for a year or so,” Tania says on the couple's blog, as the Gippsland-based couple are actually about to start a major renovations on their Warragul home first.

The couple tweeted they’d undertaken a mini-makeover this week to ensure the Port Melbourne cottage was habitable by a family member in the meantime.

It’s within walking distance of bustling Port Melbourne’s main street and foreshore, set between Bay Street and Pickles Street.

“Rod and I have been looking for a reno property in Melbourne since after we finished at The Block last year,” Tania says.

“We loved living in Melbourne, so it made our mind up that we should try to find a bargain to do up.

“The only suburbs we were looking at were Richmond, South Melbourne, the site of the new Block series, and Port Melbourne,” she says.

She says she expects to do the “most amazing” renovation.

“And of course we will be doing the majority of it ourselves,” she says.

Rod and Tania Walsh's property at 43 Cameron Street was bought at $922,000 by a Melbourne couple as an investment through Jellis Craig agent Clayton Smith last August. It was $72,000 over reserve, but not officially counted as the winning renovation as it was several days after the auction night. The couple got to keep the $72,000 above reserve amount.

Only one house – 39 Cameron Street, Richmond, renovated by Polly Porter and Waz Jones – actually sold under the hammer, at $855,000, which was $15,000 above the reserve. They kept the $15,000, along with the $100,000 overall prize.

Amie and Katrina – the sisters from rural NSW – sold subsequent to auction at its $860,000 reserve.

The Block's Richmond dearest offering, with a $950,000 reserve, was Josh and Jenna's double-fronted property, which the couple sold for $1 million.