The Block 2021 Auction Wrap
By Advantage Property | 11th Nov 21
The Block auctions in 2021 are now over and the order of the auctions helped Mitch and Mark for the win. Buyers always hold back on the first auction to get a feel for the vibe at The Block auctions and being the second auction has proven to be the winning position on many past Block auctions. Here’s how they all ranked:
House 2, Mitch and Mark: Sold for $4,044,444.44, reserve $3.4 million, profit $644,444.44 + $100,000 winner’s prize = grand total $744,444.44
House 1, Ronnie and Georgia: Sold for $3,696,000, reserve $3.4 million, profit $296,000
House 3, Tanya and Vito: Sold for $3,800,000.01, reserve $3.4 million, profit $400,000.01
House 4, Luke and Josh: Sold for $3,930,000, reserve $3.4 million, profit $530,000
House 5, Kirsty and Jesse: Sold for $4,401,523.67, reserve $4.1 million, profit $301,523.67
This was a massive $2,171,968.11 above reserve, a whopping $434,393 on average per contestant. Though, this was well below the $3,332,002 above reserve we saw at the Brighton series. The contestants can thank Danny Wallis again for his bids. Again he broke every rule for how you should bid at an auction. Upping bids by $100,000 is not a smart strategy as the other bidders including myself were out far less than his bids. It was a disappointing day for some of our Buyer’s Advocate clients at our 13th consecutive series of The Block auctions but it is important to stick to your auction budgets. We were excited to purchase the twins property for a Sydney investor well under their maximum budget.
The auction order was again crucial and it was a disaster move by Ronnie and Georgia to not choose the coveted position number 2. The Block’s auctions usually start with the most popular properties first and finish with the least popular properties. Contestants who are earliest in the order are at a big advantage as there is a larger buyer pool and more buyers competing, apart from position number one! Though the Danny Wallis factor always makes the order less relevant.
After taking hundreds of buyers through the houses over the last few months, I received consistent feedback that Ronnie and Georgia would win followed by dark horses Kirsty and Jesse. Our Buyer’s Advocate Company had interest from the same buyer segment in the Brighton series where we bid for a number of local young families and Sydney investors. We were disappointed to miss out on four houses but it is important to stick to your budgets and not overpay and not get carried away with all The Block hype. Previous Oslo and Gatwick series were popular with our investor clients but most sat it out on the sidelines and our star clients were owner occupiers.
It has been interesting talking to people about Danny Wallis’ bidding at the auction with his trademark cent bids. Many people think that his bidding should be banned as it disrupts the auction and other bidders and it is against the law and there are meant to be fines and penalties for buyers trying to disrupt other buyers. Many have also suggested his bidding style is intimidating as he is forever trying to give intimidating stares to other bidders, including myself during the auction but I just got on with business and stayed focused.
The setting of higher reserves may have also impacted Ronnie and Georgia’s auction order decision on The Block. They thought they would be better off going early and getting theirs sold first but it didn’t work out that way and their hard work wasn’t rewarded with the win when my buyers rated their house the best.
Congratulations to all of The Block contestants on another successful series with total winnings of $2,271,968.11. We were excited to bid on our 13th Melbourne series of The Block, having now bid on a total of 53 of the 63 Melbourne Block properties. We were excited to purchase our 9th Block property and we continue to hold the record for bidding on more Block properties than any other Buyer’s Advocate. This veteran Block Buyers Advocate looks forward to hopefully being involved in our 14th Melbourne series when rumour suggests The Block is moving to the Country area of Gisborne for the first time.