It’s the moment we’ve all been waiting for: the auctions. The Block viewers have watched the show for months and have become invested in the contestants and the drama.
So, naturally, we want to find out who will emerge victorious.
However, as we all know, the auctions are different this year. For the first time in the show’s history, buyers will be well aware of the reserve price of each house before the auction begins, and it will change how things play out.
Fans of the show have had a big response to this new law coming into effect in Victoria, and are concerned buyers will be conservative in their bidding if they ultimately know how much the sellers are willing to settle for.
But that concern doesn’t quite hold up, according to real estate agent Mark Nunn, who is representing Lisa and Rosco this year.
He told WHO the new twist could actually make the finale much more entertaining for viewers.
What are fans saying after reserve prices were announced?
Okay, quick backtrack.
Chantel and Wyatt, Lisa and Rosco, and Courtney and Sev all have a reserve price of $3,450,000. Adam and Jolene and Rick and Tayla’s reserve price is $3,400,000 after both teams won $50,000 off from winning challenges.
Shelley Craft revealed the figures on the Today Show on October 16, giving viewers an early look at the numbers that will shape auction day after it became law in Victoria that reserve prices have to be revealed at least seven days before auction.
The reserve is the minimum amount a seller is prepared to accept at auction, and it doesn’t cap the bidding or guarantee a sale. Instead, it gives buyers a clearer idea of what each property needs to fetch.
It’s the first The Block season this law has been in effect, so it’s the first time the show has needed to reveal this information.
Many viewers are concerned that sharing reserve prices is basically showing the seller’s hand, and will reduce the amount the houses will be sold for.
“How stupid is it that reserves have to be published? No one in their right mind would ever want to bid over reserves. If they do it won’t be by much as reserves say this is how much we want and if we get it we will sell,” one fan said.
“Victoria just lost the Block… I would say that’s why they are moving next year,” another said.
Why this new law is not only good, but could be more entertaining
The whole concept has been introduced to improve transparency and tackle underquoting, which is when real estate agents price properties lower than what the seller is actually expecting to set for, just to attract more buyers.
Mark Nunn told WHO the new way of doing things could actually make everything more interesting but it will bring in more buyers who genuinely have skin in the game, rather than a crowded auction of hopeful buyers who get priced out.
“I think it’s created a new energy. I think it’s been refreshing. Some buyers, when they found out about the reserve, it actually brought them into the process because, prior to that, some of them thought that they were going to sell for $5 million, for example, and that was out of their budget,” he explained.
So we could see multiple bidders on Saturday, and that will create tension and much, much more drama.
Hooray!
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