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A house that passed in at auction on reality TV show The Block has sold for $180,000 less than its original reserve price.
Dylan and Jenny’s House 4 at 225 McGeorge Road, Gisborne traded in February for $3.9 million, public records show.
It was earlier assigned a reserve price of $4.08 million, the same as each of the other houses on the renovation show, and within their advertised price guides of $4 million to $4.4 million. The Block airs on Nine, owner of this masthead.
But the new build passed in at auction last November on a final bid of $4,075,000, and was the subject of private negotiations, eventually selling for $175,000 less than the highest auction offer.
Contestants on the renovation show earn any premium achieved when their house is sold at auction as prize money. Nine was contacted for comment about what the result means for Dylan and Jenny.
The home features a gourmet kitchen and butler’s pantry.Credit: TCC Real Estate
TCC Real Estate Gisborne selling agent Peter Mussared declined to comment on the price but said the new buyer hopes to use the home to entertain their extended family.
The tree-change residence comes with a swimming pool.Credit: TCC Real Estate
They had not seen the TV show but saw on Facebook that the house was still available and got in touch, he said.
The five-bedroom property set on 5.3 hectares in the Macedon Ranges was part of the show’s tree-change series and features seven-star energy efficiency, views of Mount Macedon, a gourmet kitchen and butler’s pantry, kitchen garden, wood-fired pizza oven, hot tub, firepit and swimming pool.
Mussared said the market in the area has slowed since the lockdown-era tree-change trend eased and rising interest rates crimped buyer budgets.
There’s a kitchen garden for the new owners.Credit: TCC Real Estate
“At the start when the buzz was about The Block, vendors’ expectations went up, there was a lot of traffic, a lot of people looking,” he said.
“With interest rates going up it has slowed down. During COVID, a lot of people made that move sooner, trying to get out of metro to regional because we didn’t have as many lockdowns.”
Last year’s finale of The Block had mixed results when winners Omar and Oz made $1,586,666.66 in profit above the reserve, the biggest result in the show’s history.
But another couple, Tom and Sarah-Jane, made just over $20,000 in prize money, and the next three houses passed in.
Rachel and Ryan sold after negotiations for about $169,000 over the reserve, while Ankur and Sharon sold the next week for a $170,000 profit. Dylan and Jenny’s house sold in February and it was left until settlement this week to reveal the price.
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