Renovators delight as Block rivals make $1.8m profit

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Renovators delight as Block rivals make $1.8m profit.

THE gloom surrounding the Melbourne property market didn’t seem to register with bidders on the four properties renovated and auctioned on the Nine Network’s reality show The Block, with the contestants netting $1.84 million in prizemoney.

The program’s four South Melbourne terrace houses were auctioned on Saturday – and broadcast in the show’s finale last night – and collectively sold for $5.8m, in a dramatic reversal from last year when three of the four properties failed to sell under the hammer.

Separate auctions were hosted for each of the houses on Dorcas Street, with the four couples taking home the profit when the sale price exceeded the reserve.

But unlike last year’s show, when the public flocked to open auctions at Fitzroy’s Town Hall, this year each auction was closed to the public.

Top honours were claimed by Hunter Valley couple Brad Cranfield and Lara Welham, whose Dorcas Street renovation sold for $1.62m, netting them a $506,000 profit and smashing the show’s previous record prize of $205,000.

They also took home a $100,000 cash bonus and a car.

Victorian couple Dan Reilly and Dani Wales’s property reached $1.44m, earning them $448,000.

NSW brothers Mike and Andrew Jones raised $1,400,001.01, scoring a $434,001.01 take-home profit.

 

Melbourne newlyweds Dale and Sophie Vine achieved a $1.33m price for their property, raising a $355,000 nest egg.

The previous profit record of $205,000 was set by John and Neisha Pitt in the show’s 2010 season.

 

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