Dave Hughes claimed he nabbed “a bargain” when he purchased Josh and Elyse’s property in the season finale of The Block.
A $3.067m bargain.
The comedian’s bid won the series for the couple, and set a record for the 14-season renovation program. But The Australian’s wealth expert, James Kirby, has suggested that Hughes has, in fact, delivered viewers a “textbook example of how NOT to buy a house”.
Based on the reserve ($447,000 less than what Hughes paid) for the five-bedroom Elsternwick home, the $1.79m median for the suburb, and a predicted average price growth in Melbourne of 10 per cent by 2020, Kirby speculated that the 46-year-old father of three may have paid “half a million too much”.
He wrote, “you don’t want to be known as someone who breaks records paying the highest price for a property — you actually want to be buying at the lowest possible price.
“It looks like [Hughes] has instantly overcapitalised on what he plans as an investment property.”