UPDATE: Reality renovation show The Block has witnessed a dramatic auction day in Daylesford, where two homes failed to sell. Winning contestants Britt and Taz Etto secured a remarkable $520,000 profit on their property, but the overall results raised eyebrows among fans and contestants alike.
On an auction day that unfolded on October 14, 2023, four out of five properties listed, with price guides ranging from $3 million to $3.3 million, fell short of expectations. The high reserve prices of $2.99 million were contentious, leading many contestants to voice their concerns. The median house price in the regional town is currently $820,000, according to data from Domain, raising questions about the pricing strategy.
Britt and Taz’s home at 3 Cedar Lane kicked off the auction, generating significant buyer interest. Bidding commenced at $2.85 million with renowned buyer’s agent Frank Valentic from Advantage Property Consulting. The atmosphere was electric as three parties vied for the property, including Danny Wallis, a familiar face on the show known for his unique bidding style, including an unusual bid of $3,333,000.33.
Despite the excitement, the auction concluded with an investor winning the bid, opting to remain off-camera while bidding by phone through agent Peter Burley of Buxton Ballarat. The muted results starkly contrasted with previous seasons, where billionaire Adrian Portelli often drove prices into the stratosphere.
As the dust settles from this auction day, attention turns to why the market failed to match the previous year’s successes. Contestants are now left pondering the future of their unsold homes, with many advocating for lower reserve prices to ensure sales in a fluctuating market.
Experts suggest this outcome could signal a shift in buyer sentiment, urging contestants and potential sellers to recalibrate their expectations. What happens next will be critical for the future of The Block as it navigates these challenging market dynamics.
Stay tuned for more updates as this story develops and the implications for future seasons become clearer.
