The record-smashing profits earned by The Block NZ contestants this year are huge, but experts say they could represent the last flash in the pan for this market cycle.
The winners, Tim Cotton and Arthur Gillies, took home $760,000 after their house sold for $2.825 million, which was $660,000 above the reserve.
It was a stark contrast to the previous season where three of the four teams made no money due to high reserves, and the winners made $50,000 in profit.
But the previous season was in 2019 when Auckland’s market was flatlining, and this season’s auction took place in a very different market.
Over the past year, the market has…