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tomhannemann-17386
Reviews
The Block (2003)
The Auctions are a Farce
When you have one bidder who pays almost 50% more than the reserve for one house, upping the bid by a million dollars in one bid and then pays 32% over the reserve for another house, you have to question the integrity of the auctions.
And then you have a bidder who bids 3.99 million when they meant to say 2.99 million, it really does become a farce.
This is further reinforced when another house sells for 4% over the reserve, another gets 2% over the reserve and another is passed in.
There was only one "proper" bidder. That is, someone who is actually part of the target market for the houses, not some multi, multi millionaires who see this as a sport.
And who has heard of someone bidding against themselves, twice no less?
If it weren't for the seriously wealthy bidders, the average profit across the contestants would have probably been around $100k or so given the nature of the market and the ridiculous reserves.
Why would one house be worth $5 million and the ones one or two doors along only $3 million? Makes no sense at all.