The Block Glasshouse teams, from left, Dee and Darren, Michael and Carlene, Chris and Jenna (front), Shannon and Simon and Max and Karstan.
The Block Glasshouse teams, from left, Dee and Darren, Michael and Carlene, Chris and Jenna (front), Shannon and Simon and Max and Karstan. Martin Philbey

The Block Glasshouse: were the reserves too high?

SO what really went wrong in the The Block Glasshouse last night?

Were the reserve prices set too high or did the real estate agents involved fail to rustle up enough buyers?

Or were all just expecting another fairytale ending to a reality television show and the more realistic realty market failed to deliver?

Earlier this year, the Block came under fire for being unrealistic in setting reserve prices.

Fairfax's Domain property site reported the record-breaking success of The Block winners Steve O'Donnell and Chantelle Ford was largely due to an unrealistically low reserve.

The $2.47 million result was more than 34 per cent above the $1,834,000 reserve. And the four teams walked away with more than $500,000 each.

"People need to understand that the reserves were set with a view to providing entertainment rather than with a view to... making a profit on the development," one agent said.

If that's the case, Nine might have gone too far the other way.

Shannon and Simon Vos, whose apartment sold for $1.9 million, made a $335,000 profit, plus $100,000 prize money.

Chris and Jenna Susetio, whose apartment sold for $1.81 million, made a $310,000 profit.

But Maxine Stokes and Karstan Smith made a profit of just $40,000 after their (apartment sold for $1.71 million.

Feeling even further ripped off were Michael and Carlene Duffy whose apartment sold for $1.39 million, leaving just a $10,000 profit

Also left with just $10,000 were Deanne and Darren Jolly after their apartment sold for $1.38 million.

Agent Russell Cambridge of Biggin & Scott, who sold the Jollys' apartment, told News Corp the small pool of buyers shared among the five auctions was in part responsible for the disappointing results.

"The issue was the depth of buyers. There weren't enough bidders,'' he said.

"In the real world, I would have passed mine in and I would have got $1.5 million or better."

But this is anything other than the real world.

Nor was it the fairytale ending fans wanted.


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