THE erratic nature of Sydney's property market was evident when just three of the four units in the Channel Nine renovation series The Block sold under the auction hammer last night.
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Only one of the Vaucluse units sold above their $1 million cost.
The most expensive apartment fetched $1.1 million. The cheapest was passed in at $865,000. Viewers will not know who has won the $100,000 prize until tonight, when the reserve prices for the units are revealed.
All four contestant couples are entitled to pocket any difference between their sale price and the reserve. Neisha and John were in the box seat to take the prize.
In early pre-auction marketing, potential buyers were advised the apartments would fetch more than $900,000. But the price estimate was adjusted to about $900,000 for some units when spring property market conditions tightened and auction clearance rates fell.
The invitation-only auction was held under tight security at Vaucluse House.
Channel Nine's New South Head Road block was bought for $3.4 million with vendor finance this year, with $160,000 in stamp duty. It underwent a quick update before the contestants had 52 days and $80,000 to renovate their apartments.
There were weekly prizes which increased the renovation outlay on the apartments.
John and Neisha in apartment one spent $95,000. Mark and Duncan, the two tradies in apartment two, spent $90,000. Erin and Jake spent $94,853 in apartment three, which has the block's highest strata fee. Cheryl and Brenton in apartment four spent $89,974. Another $100,000 was spent on improving common areas.
The Vaucluse unit market has not been strong.
The suburb has achieved an $800,000 average price for a three-bedroom unit so far this year, according to Australian Property Monitors, compared with $888,000 in 2009.
The suburb's most expensive unit sale this year was $1,275,000 for an apartment which last sold for $1,390,000 in 2001.
