We've compared the post-auction sales of The Block properties to find out how they’ve fared since the original auction day.
Once the cameras cease rolling, what happens to The Block properties after auction? Have the properties resold, and if so, how do these post-auction sales compare to the median property price for the suburb at the time of sale? Are bidders essentially overpaying for The Block properties due to the thrill and drama of the show?
We’ve analysed the available sales history of each property from Seasons 1-10 to find out.
- 76% of properties have not resold since auction day
- 22% of properties have resold 1 or 2 times since The Block auction
- 1 property (1/77 Whistler Street, Manly) resold 3 or more times after auction
|% of properties have not sold post auction||76%|
|% of properties sold 1-2 times post auction||22%|
|% of properties sold 3+ times post auction||2%|
|% of properties sold above The Block auction price||54%|
|% of properties sold below The Block auction price, or broke even||46%|
|Average price increase for any property that sold above The Block auction price||$188,055.71|
|Average price decrease for any property that sold below The Block auction price, or broke even||$207,185.00|
Based on our results, bidders who purchase a property on The Block auction day generally pay 1.43 times more for the property, compared to median unit prices for the suburb at the time of the individual sale.
While it’s expected that The Block properties will sit above the "median" value for the respective suburb, it’s interesting to note that nearly 50% of the properties that have resold since their initial auction have not sold for a higher price compared to their previous sale (despite the likely appreciation within the respective markets).
This suggests that bidders may be swayed by the whirlwind of the televised auction, the emotional investment of viewing the renovation from start to finish, or the skill of the auctioneer which inspired the buyer to raise their paddles and pay a premium on auction day.