Two The Block Homes See Price Reductions After Auction Pass-Ins

Two houses from the television renovation show The Block that did not sell at auction are having their asking prices reduced. The properties, located at 4 Cedar Lane and 5 Cedar Lane in Daylesford, Victoria, are now listed with a price guide of $2.9 million.

Background: The Auction Day Outcome

The houses were part of a group of five homes from the show that went to auction with initial price guides between $3 million and $3.3 million. Three of the five homes sold on auction day. On the show, contestants receive any profit from a sale above the home's reserve price.

Auction Results in Detail

• 4 Cedar Lane: Renovated by contestants Hannah Thetford and Candice Wood, this property was passed in at auction after a vendor bid of $3.1 million. Its reserve price was $2.99 million.
• 5 Cedar Lane: Renovated by contestants Emma Shanahan and Ben Cox, this home was passed in after bidding reached $2.97 million, which was $20,000 below its $2.99 million reserve. A vendor bid of $3.1 million was then placed with no further offers.

Both properties are now listed with a price guide of $2.9 million, reflecting a shift from their initial auction expectations.

Agent Statements on the Price Adjustments

Will Walton, the selling agent for 4 Cedar Lane, stated the new price reflects current market conditions and cited cost-of-living factors. He noted Daylesford attracts buyers, including Melbourne retirees, due to its amenities and community.

Aaron Hill, the listing agent for 5 Cedar Lane, confirmed the price guide change and said the home has attracted interest but not at the desired price point. He described the home as beautiful but noted the price is not currently aligned with the property.

Market and Broader Context

The price adjustments occur during a period of slowed property market activity, which has been attributed to two interest rate increases this year and global economic uncertainty related to conflict in the Middle East.

For comparison, the winners of the previous season of The Block, Britt and Taz Etton, sold their house for $3.41 million and received a total prize of $520,000.

The Block airs on the Nine Network, which owns the publication that reported this information.