Reddit user mebeonreddit had the potential for a beautiful balcony, but it was a little worse for wear. Most importantly, the joists were rotting, which made everything unsafe as well as unattractive. It's never a good sign when things are "spongy underfoot."
Mebeonreddit tore everything up and replaced a number of joists, then rebuilt the deck entirely. He even added a new, modern railing with wire. Where once the wood platform was questionable at best, now it's firm and secure. A few coats of teak oil later, and it's also beautiful.
The cost? About $2500 AUS (or, the equivalent of about $2319 US).