Bidding and winning at The Block Sky High auction day

The Block auctions in 2013 are now over and we congratulate all the contestants on their big financial windfalls again this year.

From Trixie and Johnno ($205,000), Bec and George ($242,000), Kim and Matt ($250,000), Madi and Jarrod ($291,000) and the overall winners twins Alyssa and Lysandra ($395,000 including prize money), the total combined profit was $1,283,000, working out to be an average of $256,000 each which was $210,000 less each than last year’s couples.

These results were significantly lower than the year before where profits included Dale and Sophie ($355,000), Mike and Andrew ($434,000), Dani and Dan ($448,000) and the overall winners Brad and Lara ($606,000) made a total combined profit being $1,843,000, working out to be an average of $466,000 each.  

You would be disappointed if you were the Cameron Street Richmond contestants, who combined won less than four of this year’s contestants with total winnings of only $225,000. 

Unfortunately there were no absolute bargains to be had again this year, unlike our purchase of Polly and Waz’s house in 2011 for $858,000 for one of our investor clients, which we then leased out for $995 per week.  

The auctions started with the South Australian twins Alyssa and Lysandra’s level one apartment.  

We were bidding for a female home buyer downsizing from a bigger family home in Glen Iris and unfortunately were blown away by at least six bidders and an eventual sale price of $1,435,000.

Our client was disappointed we fell short as she had already missed out on two Victorian terraces in last year’s Dorcas St, South Melbourne Block auctions.  

Myself and other real estate professionals believed that Trix and Johnno’s  penthouse apartment on level five would set the benchmark, as the views would have it estimated to be worth at least $200,000 to $250,000 more than the other apartments.

I estimated that it would sell for around $1,650,000 to $1,700,000 based on comparable sales in the area and was surprised when it only sold for $1,601,000. 

We were one of six bidders representing a downsizer client who currently lives in a bigger home in the South Melbourne area.  

We were bidding for a male home buyer upsizing to a bigger property from his current Southbank apartment for Madi and Jarrod’s level four apartment and unfortunately were blown away by at least six bidders and an eventual sale price of $1,601,000.

Our client was disappointed but we stuck to our budget again. 

Russell Cambridge from Biggin and Scott Real Estate again did a textbook auction as he did in 2011 and made sure he got every last dollar out of two remaining buyers who slugged it out at the end.  

My predictions were then revised to around $1.5 million for the two remaining properties.

We were determined to try and secure one of these apartments for our female home buyer.

We knew we were in trouble when the under bidder of the last auction who bid to $1,600,000 started bidding for Bec and George’s level three apartment. 

A bit of banter and fun including offering to show the other bidder where the lift was so he could leave and let me buy it and offering to take him to dinner if he stopped bidding didn’t work and wasn’t enough! 

We were one of  six bidders who missed out to this gentleman who secured the property for $1,507,000.  

The last auction was my last chance to help my client achieve her dream of a lifestyle change to the vibrant inner city area of South Melbourne. 

I call myself an Aussie Battler as I just battle on and work hard through challenges and my competitive juices were flowing.

Having bid at over a thousand auctions over the last 13 years as a buyers’ advocate / buyers’ agent,  I used every bit of my experience to come up with a game plan that would be successful. 

I had known my client and her former partner who passed away as friends/clients/business partners for over 13 years since we both commenced businesses together and I was determined to help her open a new exciting chapter in her life. 

So just as one of my favourite inspirational characters Rocky did, I picked myself up of the canvas after four missed auctions and started bidding aggressively with strong confident knockout bids. 

My client was overwhelmed with emotion and tears as she could finally start her new life when the seasoned auctioneer Damian Cooley knocked it down to me for $1,455,000.  

My third experience bidding on The Block has definitely been an interesting one and I am surprised by all the attention I have received.

My favourite moment though was being interviewed by Rosso on the Merrick and Rosso radio show, which was great fun and being asked whether I was now going to be the new intruder on Big Brother! 

I look forward to being involved in The Block again next year which, rumour has it, won’t be moving too far and it will involve some warehouse conversions in Albert Park.

Frank Valentic is managing director of award-winning buyers' agency Advantage Property Consulting.