The Block auction prices reflect market
An Auckland property investor has questioned whether putting all The Block houses on the market at once was the best move.
The TV3 reality show last night auctioned off the homes four pairs of competitors had spent two months renovating on Auckland’s North Shore.
One of the four sellers, Wellington couple Tyson Hill and Rachel Rasch, saw their house sell at the reserve price of $789,000 – meaning they made no profit for eight weeks’ work. The other competitors made profits between $11,000 and $157,000.
Auckland investor and property consultant Olly Newland wondered whether sending all four properties to auction at the same time was the best way to get the highest prices.
“That’s the way the market plays, you win some, you lose some,” he said.
Newland said there could have been numerous small factors behind Rachel and Tyson’s fate, or it could simply have “been the colour of the card they got on the day”.