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Channel 10 The Renovators Auction Results: Sales Price Figures - Ten the final winner; Channel Ten seeks secrecy on poor auction results - only 1 of 6 breaks even in buyers market
Topic Started: 1 Oct 2011, 07:47 AM (22,103 Views)
Alex Barton
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http://www.propertyobserver.com.au/auctions/entertainment-the-winner-in-the-renovators-as-some-of-the-six-struggle/2011093051757

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Entertainment the winner in The Renovators as some of the six struggle

The six houses in the Channel 10 series The Renovators have all been sold under the hammer – and the overall results weren’t pretty.

Only one of the six sales did really well. It was an auction where there were dozens of competitive bids. The least enthusiastic offering attracted just the one offer, which was accepted.

The reserve prices are undisclosed, so even the most ardent auction attendee won’t necessarily know the winner until the series finale scheduled to air around October 9.
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Alex Barton
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The Renovators seek Secrecy on Auction Results

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 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 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.

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.

Read more: http://finance.ninemsn.com.au/pfproperty/buying/8353918/the-renovators-ambitiously-seek-secrecy-on-auction-results
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Alex Barton
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The outcome of Channel 10's Sydney-based "The Renovators" mirrors Channel 9's experience with "The Block" in Melbourne.
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Alright Jack
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Alex Barton
2 Oct 2011, 02:36 PM

The outcome of Channel 10's Sydney-based "The Renovators" mirrors Channel 9's experience with "The Block" in Melbourne.
Yes, it's a repeat of the Block disaster.

In both cases, they overcapitalised into a flat or falling market.

Flipping for profit only works in a boom market. There won't be another one of those for a long time.
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apex
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Only one of the six sales did really well. It was an auction where there were dozens of competitive bids.

. . .

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.

Did really well?

I call BS.

Even that one didn't turn a profit when you consider the buying/selling costs and the months of labour that went into the reno.

Fail. The property market is as dead in Sydney as it is everywhere else!
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Alex Barton
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http://www.tvtonight.com.au/2011/10/renovators-finale.html
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Renovators finale

By David Knox on October 2, 2011

TEN’s finale for The Renovators will air at 8:30pm Monday October 10 following Junior MasterChef.

All six homes went under the hammer at auction last week, with the results of two houses already detailed.

In tonight’s final episode, it’s the auction of our six houses. The profit from all six properties will become the prize for one very lucky renovator. The hammer is raised…bidding is open!

When TEN announced The Renovators last year it declared it would air a Live Auction finale, but in current programming information it doesn’t indicate any of the 2 hour finale being Live.

In fact it actually lists it as “The Renovators (2005).”

September 2010: The Renovators – a brand new ‘big event’ TV franchise. From Shine Australia comes the biggest home makeover show ever seen. Amateur home renovators, budding decorators and wannabe developers will battle it out through workshop and offsite challenges, skills tests and eliminations for the right to renovate one of six rundown houses. The ultimate winner will need to survive the Live Auction Finale to take the top prize.
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zaph
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The profit from all six properties will become the prize for one very lucky renovator. The hammer is raised…bidding is open!


what if there is a loss? does one 'lucky' renovator wear it?

now if that was the case i would watch, and i imagine we would get a much better show.
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raveswei
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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.


how about REA fees?
how about interest payments (and opportunity cost) for the time of renovation?
how about lost income (doing some other job during the same time could bring big money)?

sounds like beside free work somebody lost $20-40k of it's own cash
http://popping-bubble.blogspot.com/

Thinking of an Australian property speculator (PI):
Inaction = missing opportunities.
Missing opportunities = losing.
Too much thinking = inaction.
Thinking = missing opportunities.
Therefore thinking = losing.

disgraceful little man Frank Castle owes a house to Salvation Army

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mugshot
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The Real Estate industry must be spewing. First Channel 9 and now Channel 10 drive another nail into the property market coffin.
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Shadow
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Stamp duty makes it almost impossible to renovate and flip for a profit within a short time frame.

It's only possible in a booming market, and even then the profit would probably be just as good or better without the renovation.
1 - Debunking Demographia. Demographia Survey Debunked. Australian housing is not particularly unaffordable by global standards.
2 - USA, Ireland, UK, Spain and Japan Property Bubbles versus Australia. All property bubbles had one thing in common...
3 - Banks can't margin call on residential property unless borrower defaults, because residential property loans regulated by NCCP Act 2009.
4 - Housing is second highest taxed sector of Australian Economy. Renters subsidised by high taxes incurred by homeowners.
5 - Epic Fail! Steve Keen's Bad Calls and Predictions.
6 - Australian household formation rate faster than population growth rate since 1960s = ongoing improvement in housing affordability.
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