After a devastating result in The Block 2022 auction, Dylan and Jenny’s auctioneer Damien Cooley has revealed what went wrong for the couple whose home was passed in after it failed to make reserve.
Dubbed ”the most positive couple on *The Block” by Foreman Keith, the pair were anything but, in the moments, directly after their shocking loss.
”I’m pissed off”, Jenny told 9Entertainment, also admitting that she had a ”gut feeling” that they would walk away from the show with a ”lacklustre” result from ”the moment they sat down for reserves”.
”I know they [the houses] are worth $6m, but people don’t have that kind of money at the moment,” Jenny told 9Entertainment.
In what came as a surprise to many, the three houses that did sell, were all sold to the one man, IT entrepreneur Danny Wallis, thus begging the question, were the properties too highly priced?
Dylan and Jenny were heartbroken by their auction result (or lack thereof).
(Image: Nine)Dylan and Jenny’s auctioneer said that a high reserve wasn’t the reason their lovingly renovated home had failed to sell, telling Fitzy and Wippa that the result was ”indicative of current market conditions”.
”It sure was a tough crowd in that room. They were amazing properties. No question about that. Absolutely stunning. I think from any investment point of view, the depreciation benefits are probably one of the most significant parts of that investment. And to be frank, very well priced, in terms of replacement costs.”
Speaking on the high reserve price of over $4m, the auctioneer said that it made sense that the Nine Network wanted to have ”a level playing field” for all the contestants based on valuers recommendations.
”Obviously, the contestants love to make money. They give up three months of their lives to renovate a property, and they want to be rewarded for that,” Damien said.
”So the reserves are well below what the replacement costs would be. It’d be about $6m each house to replace those”.
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Damien revealed that while the ”investment” aspect of the properties was appealing, there were more factors at play that accounted for Dylan and Jenny’s abysmal result.
”Well, 35, 40 minutes outside of Melbourne, CBD, you know, it’s a lifestyle purchase, rather than a straight-out stock standard investment, like a three-bedroom apartment or a house in the Albert Park area. So that had its challenges I guess from a distance point of view,” Damien said.
”We were ideally looking for owner occupiers who wanted that lifestyle tree change. That wasn’t to be the case, in the current market conditions.”
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According to Damien, the property will now go back on the market with an expected new asking price of $4.8m.
”Yeah, we had a couple of registered bidders that were supposedly specifically bidding on our property. But they didn’t put their hands up for whatever reason. Sometimes I wonder whether people just register to get their mugs on the telly. Unfortunately, they didn’t bid, and it wasn’t meant to be”.
You can view the Domain listing for Dylan and Jenny’s house here.
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