Invest
How purchasers can avoid ‘The Block’ situation
After a record-breaking sale on Channel Nine’s last season of “The Block” fell through, an industry expert has issued some advice to buyers looking to avoid a similar predicament.
How purchasers can avoid ‘The Block’ situation
After a record-breaking sale on Channel Nine’s last season of “The Block” fell through, an industry expert has issued some advice to buyers looking to avoid a similar predicament.
Despite the COVID-19 downturn and falling house prices, “The Block” couple Jimmy and Tam managed to scoop a record-breaking $1.066 million profit (including a $100,000 first place prize) during the live auction in November.
However, a month after going under the hammer, Channel Nine made a shock revelation just before Christmas, announcing that the sale had fallen through after the buyer failed to meet the deposit requirements.
At the time, Channel Nine issued a statement, noting: “Everyone at The Block and Nine are very disappointed for Jimmy and Tam that the sale of their home was not completed as scheduled.”
The winning Block house sold to 28-year-old Emese Fajk for $4.256 million during the live, televised auction, just shy of $1 million above the $3.29 million reserve.
This made winning couple Jimmy and Tam instant millionaires, with the pair seemingly walking away with over $1 million in total prize money.
But things turned sour a month later, when the settlement date was reached and the buyer was a no-show, stripping Jimmy and Tam of close to $1 million, but not the winner’s title.
“Jimmy and Tam remain the winners of The Block 2020 as they would have secured the win on the previous bid.
“We will now work with them and their agents to finalise a sale as soon as possible, and we are confident of a positive result for this unique property,” Channel Nine said.
How to avoid a similar situation?
Aus Property Professionals founder and buyer’s agent Lloyd Edge has given investors a few handy hints to avoid a similar situation:
- When buying apartments, it’s crucial to look at the by-laws and a strata report which will help you determine whether there is a healthy and friendly operation of the building.
- If you are buying off the plan, because the process generally takes a couple of years, you need to consider that the market may change considerably and interest rates and property prices are likely to fluctuate from when you purchase until you settle.
- Consider the type of ownership you want to own if you are purchasing with a spouse or friend as this can go against your wishes under a will.
- Make sure you account for fluctuating interest rates, upfront costs, First Home Owner Savings Accounts and budgeting for your lifestyle when buying a property. Also consider your inspection costs, conveyancing costs, stamp duty costs, set-up costs and changes to interest rates in your budget to buy a property.
- Liaise with your accountant if you are buying a property for investment purposes, as there could be significant tax benefits for you.
RELATED ARTICLES
About the author
About the author
Property
Twice the demand: the case study behind Melbourne’s first‑home buyer surge
Melbourne has quietly engineered one of Australia’s most consequential housing turnarounds, with first‑home buyer demand running at roughly double the national pace and four of the top five buyer ...Read more
Property
First‑home buyers now anchor Australia’s mortgage growth — but the risk maths is changing
Great Southern Bank’s revelation that nearly one in three of its new mortgages went to first‑home buyers is not an outlier. It is the leading edge of a broader market realignment powered by government ...Read more
Property
Home guarantee scheme shake-up challenges Australia’s housing market players
From 1 October 2025, the expanded Home Guarantee Scheme (HGS) materially widens what first-home buyers can purchase and where. By sharply lifting price caps and relaxing eligibility settings, the ...Read more
Property
GSB’s first‑home buyer play: turning policy tailwinds into market share
Great Southern Bank’s latest results show that nearly one in three of its new mortgages now go to first‑home buyers—evidence of a fast‑moving market reshaped by government guarantees, easing rates and ...Read more
Property
Why investors are fleeing and renters are scrambling in Australia's housing maze
Australia’s rental market is tightening even as individual landlords sell down. New data points to a multi‑year investor retreat tied to higher holding costs and regulatory uncertainty, while prices ...Read more
Property
Australia's 5% deposit guarantee: Unlocking gains while balancing risks in the market share race
Can a bigger government guarantee fix housing access without fuelling prices? Australia is about to find out. The Albanese government’s expanded 5% deposit pathway aims to help 70,000 buyers, remove ...Read more
Property
Australia's bold move the 5% deposit scheme shaking up the housing market
Can a government guarantee replace lenders mortgage insurance without inflating prices or risk? Canberra’s accelerated 5% deposit scheme is a bold demand-side nudge in a supply‑constrained marketRead more
Property
When rates drop but stress sticks: exploring Australia's mortgage arrears dilemma
Headline numbers suggest arrears ease as rates come down. The reality in Australia is messier: broad measures dipped into mid‑2025, yet severe delinquencies and non‑bank portfolios remain under ...Read more
Property
Twice the demand: the case study behind Melbourne’s first‑home buyer surge
Melbourne has quietly engineered one of Australia’s most consequential housing turnarounds, with first‑home buyer demand running at roughly double the national pace and four of the top five buyer ...Read more
Property
First‑home buyers now anchor Australia’s mortgage growth — but the risk maths is changing
Great Southern Bank’s revelation that nearly one in three of its new mortgages went to first‑home buyers is not an outlier. It is the leading edge of a broader market realignment powered by government ...Read more
Property
Home guarantee scheme shake-up challenges Australia’s housing market players
From 1 October 2025, the expanded Home Guarantee Scheme (HGS) materially widens what first-home buyers can purchase and where. By sharply lifting price caps and relaxing eligibility settings, the ...Read more
Property
GSB’s first‑home buyer play: turning policy tailwinds into market share
Great Southern Bank’s latest results show that nearly one in three of its new mortgages now go to first‑home buyers—evidence of a fast‑moving market reshaped by government guarantees, easing rates and ...Read more
Property
Why investors are fleeing and renters are scrambling in Australia's housing maze
Australia’s rental market is tightening even as individual landlords sell down. New data points to a multi‑year investor retreat tied to higher holding costs and regulatory uncertainty, while prices ...Read more
Property
Australia's 5% deposit guarantee: Unlocking gains while balancing risks in the market share race
Can a bigger government guarantee fix housing access without fuelling prices? Australia is about to find out. The Albanese government’s expanded 5% deposit pathway aims to help 70,000 buyers, remove ...Read more
Property
Australia's bold move the 5% deposit scheme shaking up the housing market
Can a government guarantee replace lenders mortgage insurance without inflating prices or risk? Canberra’s accelerated 5% deposit scheme is a bold demand-side nudge in a supply‑constrained marketRead more
Property
When rates drop but stress sticks: exploring Australia's mortgage arrears dilemma
Headline numbers suggest arrears ease as rates come down. The reality in Australia is messier: broad measures dipped into mid‑2025, yet severe delinquencies and non‑bank portfolios remain under ...Read more
