Market Update 24th November 2020
By | 23rd Nov 20

The Block Auctions dominated Melbourne's property market this weekend. In a good sign for Melbourne's property market, there were at least four bidders for every Block house and a100% clearance rate from The Block properties. There were some big prices paid by wealthy Danny Wallis as the contestants made massive windfalls.

 

It was the biggest Block auction night in history as the contestants received over $3,222,000 in profit. It was disappointing for us to miss out on all 5 houses but it is important to not get carried away with the hype of The Block auctions. We thought they represented fair value at around early to mid $3,000,000 mark, nowhere near the $4 million plus figures that a number of the properties sold for. 

 

It was a disappointing day for our Buyer’s Advocate clients at our 12th consecutive series of The Block auctions but it is important to stick to your auction budgets. One bidder broke every rule for how you should bid at an auction. Upping bids by $500,000 to a million dollars is not a smart strategy as the other bidders including all the Buyers Advocates including me were out at $500,000 less than his bids.