What I wrote earlier has now been confirmed by insider knowledge. The latest Block would have been a loss maker as a reno project. Thanks to the channels arbitrary approach to reserve prices settings the contestants where sensationally rewarded by discounting the reserve price and disguising the real costs of the project. Jon Giian from Knowledge Source in Ivanhoe (Mel) has an interesting article on that.. Its all winners this time. The channel made money from sensational TV, the contestants made money thanks to the channels give away and the buyers probably got a good deal as well considering the costs. Just don't be deceived into thinking that reno is that easy and any fool can make 100's of thousands in just a few weeks. The last Block has also caused a stir. The contestants did sensationally bad and the buyers did not do well either. I don't know how well the channel did. I suggest once again a sensational and unpredictable outcome is good TV, but pushed to the extreme its ultimately not reality. Interesting that the buyers got hurt as well because they may have not been doing their due diligence and been aware that Coles hat put in a planning application for a new car park with heaps of apartments on top.
The moral of the story - do your do diligence !
The moral of the story - do your do diligence !
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