The Block NZ: sales by the numbers

We were wrong about that leap too far bit.

Property pundit Alistair Helm thought series 3 of The Block NZ a leap too far for MediaWorks. He feared it would not match series 1 & 2's clean sweep on auction night.

But Bayleys came through tor the broadcaster, selling all four homes despite some pretty robust reserve prices.

The contestants got to keep the profit above the sale price.

All four of the Pt Chevalier homes had three bedrooms, two bathrooms and a double garage (see the listings for each and more photos here).

Here's how things panned out:

28 Newell Street (Alex & Corban Walls)
Front section
Gross site area: 355sqm
Floor area: 198.4sqm
Sale: $1.552 million
Reserve: $1.325 million
Profit: $227,000 (plus $80,000 winner's bonus = $307,000)

26 Newell Street (Maree & James Steele)
Front section
Gross site area: 357sqm
Floor area: 198.4sqm
Sale: $1.472 million
Reserve: $1.325 million
Profit: $147,000 

28a Newell Street (Jo and Damo Neal)
Rear section
Gross site area: 477sqm
Net site area: 376sqm
Floor area: 188.7sqm
Sale: $1.386 million
Reserve: $1.325 million
Profit: $61,000 (also winners of a $60,000 Honda CRV Sport as viewer's choice)

26a Newell Street (Quinn & Ben Alexandre)
Rear section
Gross site area: 480sqm
Net site area: 378sqm
Floor area: 191sqm
Sale: $1.335 million
Reserve: $1.325 million
Profit: $10,000 

I didn't see the reserve prices listed anywhere. I've extrapolated them from the sale and profit figures given on the show. Each team was given $100,000, plus vouchers from sponsors. Any cost over-runs were added to their reserve.

The site and floor specs are courtesy Bayleys. The gross site area figures for the rear properties include shared right-of-way areas.

While the contestants had free reign with their room design, all of the homes themselves were designed by Context Architects.

It's tricky doing direct price comparisons in the street, because most are older houses (relatively speaking) on larger sections, but looking at family-sized homes: 30 Newell (518sqm) was given a CV of $1.520 million in Auckland's recent revaluation; 23 Newell (841sqm) $1.320 million, 19 Newell (756 sqm) $1.670 million, 11a Newell (549sqm) $1.310 million and 11 Newell (600 sqm) $1.250 million.

I had picked Jo and Damo's property as the winner, given it had privacy at the rear, sea views and was nicely finished (they tied with Alex and Corban with five room wins). Shows how much I know.

The chipper sales did make me think back to the madness of Pt Chev residents taking The Block NZ's producers to court (failing to shut it down but winning various concessions on parking and noise). The first two seasons, both set around Takapuna, featured homes on a main road, meaning modest prices by the standards of the suburb. With Pt Chev, it's the opposite: a quiet cul-de-sac near the shore that should have and did generate higher prices than average for the area; a great advertisement for the suburb.

The show's cruellest moment was when pregnant couple Ben and Quinn made just $10,000 for their combined 24 weeks off work (MediaWorks also pays contestants a stipend to cover their weekly costs back home). But it was quickly followed by the most heart-warming as Alex and Corban gave them $30,000 of their winnings (which also lead to an amusing live TV moment as the hosts were momentary floored by events going off-script). 

Home-owning Aucklanders had a tear in their eye as they watched the finale.

Others were more downbeat.

"$1.5m for a pretty small house and not much land in Pt Chev? I guess we could never afford to live in Auckland again," tweeted Christchurch man Philip Matthews.

ckeall@nbr.co.nz

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