anyone watch the block tv show from channel 9? today is the final, on the auction day on saturday, only 1 property that hit the reserve price, this is another prove that the property market still slow
Property Market Slow down
joannatan on 22/08/2011 - 00:14
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and maybe of that today tonight show :D
these 4 properties got free advertisement from channel 9, and remember this block for 8 weeks. which agent put their ads in national wide for 8 weeks, and still can't hit the reserve? only the block. why?
Have to be crazy buying property in this current climate, it is all way too expensive.
channel 9 bought for 3.6 millions for 4 properties, so each will be 900k, not included the renovation cost etc.
If it were in Sydney it would have been a different story. Melbourne property prices have fallen heavily this year. Channel 9 purchased the derelict properties late last year and the reserve price did not reflect the drop in the market.
Looks like the rest soldm all over the reserve price, http://www.mediaspy.org/report/2011/08/24/remaining-block-ho…
Not sure. The clearance rate for last week in Melbourne was 52%. 2 out of 4 properties sold so it's seems about right. Richmond seems to have a 76% clearance rate for houses. Even if there is a property downfall, inner suburban and city areas shouldn't be affected as badly (or at all) as the outer suburbs, country and regional areas. I just had a friend buy a house in Richmond and most of the properties he looked at/bid on went for more than he was estimating.
I would have thought having the house being featured on tv may have put off buyers. The last thing you want is people hanging around your house.