First two properties auctioned for Ch 10 series The Renovators – and it’s not pretty

The first two of the six auction offerings that precede the October finale of the Channel Ten series The Renovators have been put to auction. The other four houses also face the auction reality test this week. 

The Century 21 listing agents are under confidentiality agreements until the October 9 auction screening finale. 

And even those who attended the overnight onsite auctions have been asked to keep the prices under wraps. 

The sale amount over the undisclosed reserves goes into the collective prize pool for the eventual winner to keep. 

While the auctions were underway last night some 803,000 viewers were tuned into the latest elimination.  Melbourne’s audience was the highest at 302,000, followed by Sydney’s 164,000 and Brisbane’s 162,000. 

SPOILER ALERT 

Suggesting Sydney’s spring sales market is a pricing test, both did sell, but barely above cost price. 

The weatherboard, at 51 Franklin Street, Parramatta, was sold at an auction with 100-plus attendees for $575,000. 

It had been bought at $460,500, with stamp duty taking it to $478,000. It had been in the same family for five decades. It is now a modern family home with three bedrooms, two bathrooms with an entertaining space and backyard area. Its renovation budget was $95,000, making the breakeven point before its auction campaign conveyancing costs $573,000.

The 1915 Marrickville offering also sold last night at its onsite auction. It fetched $700,000 in a one-bid auction. After costing $572,000 in March, or $595,000 after stamp duty, the shop, at 146 Addison Road, Marrickville was transformed into a three-bedroom, one-bathroom abode. Its renovation budget was $119,000. It had previously sold at $68,000 in 1985.

None of the agents would provide price estimations for the properties before auction.

This article first appeared on Property Observer, Australia’s top site for property investment news and information. To download Property Observer’s free eBook 16 Spring Selling Tips, click here.