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Home / Business

The Block NZ properties sell for $300k more than street's average

NZ Herald
18 Sep, 2017 04:37 AM2 mins to read

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Nate and Andy talk about how they felt topping The Block and what they will and will not do with their winnings

The Block NZ houses sold for at least $300,000 more than the average value of other properties on the same Auckland street.

Before last night's auctions, the houses on Potter Ave in Northcote had been tipped to sell for more than $1.3 million - but buyers appeared cautious with bidding seemingly slow and reluctant.

Hamilton dads Andy Murdie and Nate Ross got $1,250,000 and made a $30,000 profit, making them overall winners of season six.

Palmerston North friends Stacey Cottrill and Yanita McLea got $1,271,000, making $20,000; twins Ali and Julia Heaney got $1,242,000, making $13,000; Christchurch brothers Ling and Zing - real names Levi and Zach Inglis - sold for $1.3m and made only $1000.

While the profits were slim compared to previous seasons of the reality show, the prices were well above the average value of Potter Ave, according to a comparison of data sourced from homes.co.nz

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Before last night's auction, the average value of houses on the street was just shy of $923,000 - $319,000 less than the lowest price achieved on The Block.

The site which the four Block properties were built on was bought for $1.9m in July last year.

While people on social media believed the sale prices were low, Real Estate Institute of NZ chief executive Bindi Norwell wasn't suprised by them.

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"I don't think prices were low. It's just a few days before the election. I thought it was very positive. People are still buying at auctions but because they take their time a bit more, the places might get passed in and there's more negotiation. Things are still selling," she said.

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