Just days out from auction, the price range for one of the five houses on The Block has taken a big jump towards $3 million.
In yet another sign Josh and Elyse are hot favourites to win this season, their Regent Street house now has a price guide of $2.7 million to $2.97 million.
Prior to the adjustment, the price guide was $2.4 million to $2.64 million — the same range as the other contestants’ properties. On Wednesday, the price guide for the four other houses had not changed.
In Victoria, real estate agents have to provide a price range for every property listed for sale. New laws introduced to stamp out underquoting require agents to take into consideration three comparable sales and any offers from buyers.
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“If I said do you readily expect it to be above the top end of the range, which was $2.64 million, then with my hand on my heart, my answer had to be yes,” Mr Wood said.
The finishes, features and popularity of the home had elevated it above the comparable sales it was first identified with, he said.
“That’s why I’ve increased the price, because I think it’s responsible to say to the public that you’re now going to have to be between $2.7 million to $2.97 million to be in the hunt for the house.”
Mr Wood said genuine buyers in that price range should be making a beeline to inspect the property and register to bid.
“They should expect that they’ll be competing for it and have a reasonable chance of purchasing at that level.
“And if they look at it and say ‘in previous years, it’s gone through the roof’ they may be in for a surprise — that’s all I can say.”
The contestants (and agents) do not find out what their reserve price is until shortly before the auction.
Mr Wood said the prospective buyers were mostly local families, but a few investors were interested too.
Earlier this week, The Block judges awarded three of Josh and Elyse’s rooms among the top rooms ever presented on the popular television series.
Buyers’ advocate Greville Pabst from WBP Group said the teams who had attracted the most buyer interest were Josh and Elyse, and Sarah and Jason.
Mr Pabst said he agreed with the new price range for Josh and Elyse’s house.
“I think in terms of value, that’s where it sits,” he said. “I would be surprised if it sold lower than that range.”