UPDATE: In a stunning auction day in Daylesford, reality renovation show winners Britt and Taz Etto took home $520,000, but the event was overshadowed by the shocking failure of two homes to sell. The mixed results have sent ripples through the property market, raising questions about the future of the popular show.
On October 14, 2023, four out of five homes listed on the show failed to meet their reserve prices, which were set at $2.99 million. The homes had price guides ranging from $3 million to $3.3 million, a figure that contestants felt was too high for the regional market. In contrast, the median house price in the area is around $820,000, according to Domain data.
Britt and Taz’s home at 3 Cedar Lane was the first to be auctioned. With hopes of establishing a positive trend, bidding commenced at $2.85 million thanks to buyer’s agent and Block regular Frank Valentic. The excitement was palpable as three parties participated, including Melbourne IT entrepreneur Danny Wallis, who made a memorable bid of $3,333,000.33.
Despite the anticipation, an investor ultimately secured Britt and Taz’s home, opting to remain off-camera while bidding through agent Peter Burley of Buxton Ballarat. The outcomes for the other homes were disappointing, with two fetching auction premiums of less than $150,000 each, a stark contrast to past seasons where billionaire Adrian Portelli drove up prices significantly.
The results have ignited discussions among the show’s contestants regarding the high reserve prices, with many advocating for lower thresholds to facilitate sales. This sentiment is particularly strong in the context of the current real estate climate, where buyers are more cautious.
As the dust settles on this auction day, the future of The Block’s property values remains uncertain. Analysts are keenly watching for the next developments in this evolving story, as the implications for contestants and the broader real estate market become clearer.
Stay tuned for further updates as authorities and real estate experts weigh in on this significant turning point for The Block and its contestants.
