The Block 2014 auction results in not quite five gold stars at the Glasshouse Prahran: SPOILER ALERT
SPOILER ALERT
No winner reveal within - so mild spoiler alert from Property Observer - but Sunday night's The Block Glasshouse finale will nicely illustrate just how hit and miss property renovation success can be.
All five apartments of The Block Glasshouse were sold under the hammer earlier today at their Prahran onsite auction, Property Observer understands.
Brothers Simon and Shannon took out the $100,000 prize at the auctions of The Block Glasshouse.
But viewers will see it was a very close shave exceeding the reserve for some of the contestant couples.
While there is no official confirmation ahead of the Sunday night broadcast, the five results bettered Melbourne's overall 73% auction success rate which was recorded this weekend amid the 820 auctions reported to the REIV.
And there were terrific over-reserve results on High Street in the ninth series of the Channel 9 series.
But I note one of the weakest sales finished just 6% up on its opening bid before the hammer came down.
"It is extremely good buying at this level," the auctioneer vainly suggested.
Another took over 30 minutes to secure the sale for little over reserve.
It appeared the order of sale again impacted the result as it did in past series where investors, rather than home buyers, were at the fore.
The auction saw Darren and Deanne, Michael and Carlene, Max and Karstan, Chris and Jenna and Simon and Shannon compete to get the highest price over their respective reserves.
The winning couple will receive $100,000 in addition to the huge profit they made over reserve.
Reserves were determined officially prior to the renovations, and the in the game that followed each couple also got the chance to discount these reserves when completing the building’s final “secret” apartment which may be retained by the show's production company.
Maxine and Karstan received a $30,000 cut to their reserve price, as did Deanne and Darren. Michael and Carlene’s reserve was discounted by $20,000, while Simon and Shannon received a $10,000 discount.
Chris and Jenna did not get placed in the top three at either stage of the challenge, and so missed out.
I thought the judge Darren Palmer gave a very good summation of the factors that were likely to influence the result - a balancing act of southerly versus internal versus northerly aspect, weighing up square meterage, views and amenity, he noted in his LJ Hooker blog.
But that was before the buyers, the agents, the buyers agents, and the auctioneers did their stuff.
The much desired $2 million plus proved elusive.
*Jonathan Chancellor, the Property Observer editor at large, has been closely following The Block since its 2003 BONDI BEACH debut series with full analysis of the results to follow the Sunday night broadcast.
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