The Block apartments will be auctioned this Saturday afternoon, with the results being aired on Sunday evening. David Wood, an auctioneer with hockingstuart who is taking Ben and Andy's apartment to auction, spoke to The Real Estate Conversation.
The five apartments featured on reality television show, The Block, will be auctioned tomorrow afternoon, with the results being aired on television on Sunday evening.
David Wood, auctioneer with hockingstuart, is taking Ben and Andy's apartment to auction, and spoke to The Real Estate Conversation about the apartment and the process.
"The auction is actually on Saturday," he explained, "So they film it, then lock everyone down, and then take it to air on Saturday night."
There has been a great deal of anticipation for the event, with high numbers of people inspecting the apartments.
"Traditionally, The Block apartment campaigns tend to be late maturers," said Wood. "In the early stages there are a lot of people viewing the apartments, but the real buyers tend to come out in the last week. So we're really in the thick of it at the moment."
Wood said all the apartments now have registered bidders. "But we don't know how much crossover there is for the various apartments," he said, saying sometimes bidders will register for more than one apartments.
Wood said Ben and Andy's apartment is the only one in the building with four bedrooms, a big drawcard for buyers.
"Our contestants were able to divide the dressing room into a dressing room and an ensuite, and then turn the original ensuite into a bedroom," he said.
Wood said bidding is expected to be in the range of $1.7 million to $2 million.
"The interest is quite strong in excess of $1.7 million, so we hope to have competition within there and $2 million on Saturday afternoon. It will probably come down to the auction order and what bidders are left. We could be the last cab off the rank."
The Block building is in an emerging location. It's "a pocket of Port Melbourne that for many years was on the edge of the traditional residential side of Port Melbourne, where there are large homes and Victorian cottages, and on the other side is a more industrial edge that is converting now to residential," said Wood.
"It's actually in the Sandridge Precinct," explained Wood, "which is part of Fisherman's Bend and there are strong residential approvals around there."
"In the years to come it will be very much a residential location," said Wood.
A new school is being built nearby, and new parklands are being established. It's a few minutes walk from the light rail that takes you directly into the city. And the Crown entertainment precinct is only a 12-13 minute walk.
See also:
Blockbuster depreciation claims for winning bidders on The Block