Property expert Chris Bellesini says that The Block producers have ”lost touch with reality” as Dylan and Jenny continue to struggle to offload their luxury home in Gisborne, VIC.
Now the only couple left to sell their property, renovated over 12 gruelling weeks, the pair failed to attract bids over the steep $4.08m reserve set by the Nine Network, making the tough decision to pass their property in at auction.
And whilst this strategy worked out well for Ankur and Sharon whose home was ultimately bought by Adrian Portelli for $4.25m, allowing them to walk away with a $170,000 profit and Rachel and Ryan secured a profit of $169,000.85 with serial Block buyer Danny Wallis (who also purchased Oz and Omar’s home for a record breaking sum) outside of auction, Dylan and Jenny haven’t been as lucky.
WATCH NOW: Dylan and Jenny’s house gets passed in. Article continues after video.
”The properties that did sell at auction were at inflated prices,” Mr Bellesini told Now to Love.
”Basically you’ve got Danny Wallis who is there for his ego and TV time and Adrian Portelli who is also purchasing for the media attention, neither of them are real buyers, they wouldn’t have spent that cash or purchased those houses if it weren’t for the fact that they were on The Block.
”These sales weren’t real, three were sold to Danny for his ego and the fourth to Adrian to promote his business ventures.”
WATCH NOW: Dylan and Jenny house tour. Article continues after video.
According to Mr Bellesini, Dylan and Jenny were doomed to lose out from the moment the auction order was decided.
“Unfortunately for Dylan and Jenny they were last in the auction line, all the buyers were used up and now they will struggle to sell until the price is adjusted, as no real buyer will spend as much as Adrian and Danny have, it’s just not realistic.”
Currently, their five bedroom, three bathroom house is listed on Domain and the site estimates it will only sell for $1.63m (a slightly inaccurate estimate based on median house prices in the area) despite an asking price of over $4m.
Bellisini says it is unlikely the property will sell until the price is brought way, way down.
”I believe firstly that having so many of the same thing, in that type of location has been detrimental. I believe that the final sold price will be nowhere near reserve, around the high $3m mark.
”It just comes down to at what point in time will Channel Nine and the vendors be happy to cut their loses and accept a price well below what they originally wanted.”
Chris paid a visit to the property this week to see the first hand failures of Channel 9.
(IMAGE: Chris Bellesini)And speaking on whether a tree change to the country was the right idea for the show, our property expert has some strong thoughts.
”It was a mistake going to the country. The show has lost touch with reality, even going over $2m is just too far beyond what the average buyer can justify in a property.
”I understand why they are doing it [wanting to build bigger, more luxurious properties] but they have gone too big now they have just lost touch, the average buyer won’t want to spend so much, and there’s not enough ‘real buyers’ to give the producers the ‘blown away’ results they are after.
Dylan and Jenny were less than impressed at their auction day result (or lack thereof).
(IMAGE: Channel 9)And words of advice for Dylan and Jenny and future The Block contestants?
“The Block isn’t real life, there is no way I can see any future contestants getting super high above reserve if The Block continues how it has been going.
“The vendors and the real estate agents have done the best they can.”
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