When the TV show The Block started many years ago, it was unheard of for the renovated homes to fetch anything over $1million.
In the very first season in 2003, the reserves were a modest $595,000.
It wasn’t until 2012, the $1 million dollar reserves were cracked.
Then in over $2million in 2016, then this years season, we saw each home’s reserve at $3.4million with one valued at $4,100,000.
And as per usual, each home was sold about their reserves.
And these reserves were reduced by $100,000 because the production company believed the valuations were too high.
So, what has this taught us?
Well, in 18 years, The Block has seen a reserve increase of over 471%, and a sale increase of over 486% and we’ve experienced insane growth in the last year alone which supports our ever-growing $9 Trillion-dollar residential industry.
Surviving the GFC and the current Pandemic, from the outside it may seem that if you’ve missed the boat, you’re out of luck, but that couldn’t be further from the truth.
Sure, the median house price in Sydney is over $1 Million, but there are brand new homes in growing areas for less than $600, 000.
So, if you’re still unsure about whether it’s a good time to invest, just remember that the Australian market is going from strength to strength and if you want to ride this growth wave then there’s no better time than right now to do so.
