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.
- 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
- 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!
The 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.