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The Block Triple Threat 2015 Auction Results

Last night Channel Nine’s The Block handed out $3.165mil in prize money to the four couples, representing the biggest prize pool received on one single TV episode in the world.

Crazily enough, all teams left the show with at least a $665,000 boost to their bank balances, a stark contrast to the disappointing results of last season.

theblockThe auction results of the designer apartments on Darling Street in South Yarra were:

  • 1st – Dea & Darren – SOLD $2,290,000
    Reserve set at $1.455mil
    Profit of $835,000 plus $100,000 for winning
  • 2nd – Josh & Charlotte – SOLD $2,200,000
    Reserve set at $1.39mil
    Profit of $810,000
  • theblock23rd – Tim & Anastasia – SOLD $2,175,000
    Reserve set at $1.42mil
    Profit of $755,000
  • 4th – Jess & Ayden – SOLD $2,000,000
    Reserve set at $1.335mil
    Profit of $665,000

 

The four auctions were all fast paced and over in a matter of minutes with opening bids exceeding the reserve prices. In a split second Jess & Ayden made $365,000 thanks to a generous opening bid of $1.7mil smashing their reserve.

The winners and almost instant millionaires Dea & Darren were crushed last year after taking home just $10,000 for their hard work on The Block’s Glasshouse series in Prahran, what a turnaround!

theblock3The question every viewer was asking, were the reserves set too low? Or is it the market in Melbourne driving up the selling prices, especially for popular brand new furnished designer apartments in one of South Yarra’s most prestigious streets?

In Sydney, the citywide auction clearance rate hit a staggering 91% last week (APM), while the same week last year saw clearance rates at 71%. With median property prices in Sydney exceeding $900,000, it’s no wonder the auction clearance rates have jumped significantly in the last year. Sydney has led the Australian housing price growth with property values rising 14.1% in the last year, double that of nearest rival Melbourne with 7.2%.

In Melbourne, 87% of homes were sold at auction last week compared with 63% last year, so were The Block’s crazy results a truthful representation of the market? The market is definitely booming but we have to keep in mind that it is a TV show and they really did take a hit last season so reserves were probably on the conservative side.

Next season The Block returns to Prahran with the upcoming series to be filmed at the obsolete Hotel Saville on Commercial Road.

 

References
http://news.domain.com.au/domain/real-estate-news/the-block-winners-darren-and-deanne-jolly-pocket-almost-1-million-at-auction-20150429-1mw74e.html
http://www.news.com.au/entertainment/tv/the-block-result-what-happened-when-the-cameras-turned-off/story-fn8yvfst-1227088392377
http://www.news.com.au/entertainment/tv/deanne-and-darren-jolly-take-out-the-block-with-record-breaking-profit/story-fn8yvfst-1227327454814
http://www.news.com.au/finance/real-estate/record-for-sydneys-highest-auction-clearance-rate-smashed-again-amid-drop-in-volume-of-sales/story-fnd91nhy-1227322875446
http://www.theaustralian.com.au/business/property/sydneys-housing-market-auctions-set-record-clearances/story-fniz9vg9-1227322111435

 

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Real Estate Update – March 2013

The year has started with some fast and furious selling at Beach & Bay Realty, both auction campaigns in February were sold prior to auction over only 2 weeks and a private treaty sale went through in 5 days!

We seem to have started the year with more buyer inspections and a little more confidence than last year, this is reflective in the auction clearance rates Sydneywide for Feb and March which are much improved on 2012. We will continue to track the auction results in our area of expertise throughout 2013 so please join our e-newsletter for weekly updates of auction sales.

Breeze @ 19-21 Gerrale St, Cronulla

While interest rates are relatively low, we should continue to see a steady real estate market in the Sutherland Shire. It’s been a while since you could secure a fixed interest loan for 2 years for 4.99%!

We are currently marketing Breeze @ 19 -21 Gerrale St, Cronulla, Sammut Developments latest luxury project in Cronulla. Off the plan sales have commenced and for anyone wanting to secure an apartment in this development the opportunity is there now to put a deposit down with 2 years to save the rest!

Happy selling and happy buying in 2013.

SOLD PRIOR TO AUCTION - 15 Seaforth Ave, Woolooware

SOLD PRIOR TO AUCTION - 12 Lowana Ave, Kirrawee

SOLD - 1/78-82 Kingsway, Cronulla

 

Apartment 102 - Breeze

Apartment 203 - Breeze

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Auction results improve locally

Last week’s local auction statistics came in at a 63% clearance rate compared with Sydney wide of 57% which is a great result for the local property market and a vast improvement on the 23% clearance rate for first week of auctions for 2012. Overall there seems to be less properties for sale or auction which might be keeping the pressure on buyers to some degree. It would be great if we could continue to beat the Sydney clearance rate. I think the days of 85% clearance rates are a thing of the past and we obsess over this a little too much.

More important than auction clearance rates is that the property sells, if not at auction, soon after. Auctions are a marketing strategy and not selling at auction does not mean the marketing has failed. Some properties are hard to price and sometimes the property is received by the market at a different level to that targeted by the agent or the owner or both. If  your property doesn’t sell on auction day, don’t despair. Listen to the market, get feedback from the market place and your agent and then if you are willing to sell at that price list the property for sale. If priced correctly post auction the property will sell soon after the auction. Auction statistics show that a property that does not sell at auction will, if listed for sale with a realistic price, sell within the following 2 weeks of post auction marketing. If it doesn’t sell in that period, the chances of selling steeply decline.

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Disappointing start to the local auction market for 2012

In the first week of auctions in our local market 17 auctions were scheduled (Sat 11 Feb to Fri 17th Feb). Only 4 properties sold on or before auction day giving us a clearance rate of 23.5%.

This is compared with a Sydneywide clearance rate of 53% according to Domain’s Home Price Guide Statistics.

The Home Price Guide statistics have none of our local data for auctions on Saturday 11th February (3 properties). The company relies on agents providing the data. There was also locally quite a few auctions on Monday night which will be if included in the following week in the Home Price Guide stats if provided by the agent.

Keep track of your local market with us at www.beachandbay.com.au/auction

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Autumn starts with no Reserve Bank interest rate rise

Summer is over and it’s the 1st Tuesday of the month! Good news for those thinking of buying in autumn with official interest rates kept on hold at the Reserve Bank meeting this afternoon.

There are warnings though that inflation is on the rise and interest rate hikes are around the corner. Have you noticed how expensive petrol has become in the last few weeks? Personally I think that there is no room for any rate rise till at least June but what do I know! And if you bank with Commonwealth Bank you might have discovered that you couldn’t pay your mortgage repayments today as the bank’s whole netbank, atm and eftpost systems have been down all day!

Auction clearance rates last week were down to 44% approx in postcodes 2229 and 2230 compared with a Sydneywide home price guide clearance rate at 65%.

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Auction snapshot for last week in postcodes for 2230 and 2229

Last week the auction schedule heated up with 2 evenings of in room auctions plus Saturdays on-site auctions.

It’s 50/50 this stage as to what the market is doing with 50% selling on the spot, the rest passing in with no bid, vendor or passed in to the highest bidder. The good news is – soon after passing in, 2 properties sold. So this brings us back up to a 62.5% clearance rate. This clearance rate is directly in line with Home Price Guide’s Sydneywide clearance rate of 63%.

Next auctions are Thursday, 24th February at Cooley Auctions first in-room auctions in the Shire.

Auctions results Tuesday 15th Feb

Auction results Thursday 17th Feb

Auction results Saturday 19th Feb

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The auction year begins with mixed success in the Sutherland Shire.

The first auctions for 2011 in our area were held on Saturday 12th February and last night another 7 properties were scheduled to go to auction in rooms at Elouera Surf Club, Cronulla.

With a clearance rate of 57% for the first weekend of onsite auctions I was interested to see the clearance rate of in-rooms.

Two had already sold prior, a great start, so the remaining properties in our tracking area (postcodes 2230 & 2229) resulted in 2 passed in with a vendor bid, 1 passed in to highest bidder, 1 passed in with no bid and 1 sold on auction night. The end result is an auction clearance rate of 42%.

Just to compare with Sydneywide statistics, the clearance rate for Saturday was 69% according to Home Price Guide.

Since Saturday’s auction 1 property has sold and 1 of the properties last night was not far off a sale.

On Thursday night there are 3 more auctions scheduled, so far, all 3 are going ahead.

Check out our up to date auction results here.

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The Sutherland Shire Auction Year Begins!

This weekend marks the start of the auction year in our area. Some interesting statistics, last year the first auctions in the postcodes of 2230 & 2229 started on the 6th February and there were only 3 properties scheduled for auction.

This year, auctions are a week later and there are 5 times as many! (This includes Tuesdays in-house auctions, there were no midweek ones last year).

Some parts of Sydney held auctions last weekend; the clearance rate was 48.2%.

Last year our area had a clearance rate of 33% for the first weekend but it jumped to 62% the following week with 8 properties going under the hammer, in suburbs including Caringbah South, Lilli Pilli, Cronulla and Woolooware.

Looking forward to seeing what the property marked has in store for us this year. Auctions are always a good indication and with two auctions scheduled this weekend already sold prior (26 Trickett Rd, Cronulla & 27 Burleigh Ave, Caringbah), we are off to a good start!

Let’s hope its not 42 degrees this Saturday!

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Auction Success Amongst Sleep Deprivation & Politics!

The 57% clearance rate (8 out of 14 auctions sold) last week doesn’t reflect some of the excellent prices achieved in the postcodes of 2230 & 2229 (Cronulla, Woolooware, Caringbah, Burraneer, Dolans Bay & Lilli Pilli).

102 Turriell Point Road Lilli Pilli selling for $200,000 over the reserve and 4 Judd Street Cronulla with a selling price of $1.428mil reflects a solid market, lacking in supply.

The real estate market has been overshadowed in the news with the change of Prime Minister, and mid way through the football World Cup, everyone is sleep deprived and a little grumpy, but when politics settles down and the World Cup is over – stand by for the real estate market to hit the news headlines again!

World Cup

(But let’s face it – it is quite easy to get distracted in times like these…..)

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Auction Clearance Lows – Record Sales

There is no doubt the market has cooled but out of the 8 sales from 17 auctions in the suburbs of Cronulla, Woolooware, Burraneer, Caringbah & Lilli Pilli last week there were some great sold prices. For example – 81 Mirral Road, Lilli Pilli bought last year in October for $1,075,000 sold on Saturday 5th June for $200,000 more. $200,000 in less than 12 months is a good earn!

In the current climate, uncertainty in politics and the economy seems to be ruling the day. The 47% auction clearance rate in our area is an indication of this. Until an election is called this could be the way it is.

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