The Block’s winning property came in at $715k above reserve

Melbourne property prices were on show last night on the season finale of Channel 9’s The Block.

The winners of the program sold their luxury apartment in Port Melbourne for $2,600,000 putting the property at $715,000 above the reserve price.

Neil Mitchell spoke to Paul Osbourne, Director of Secret Agent, a property market research firm.

Mr Osbourne says, ‘Owners reserves tend to move in line with the market and the market is in a boom at the moment and expectations from owners are increasing with that.’

He says the biggest price hike can be seen around the inner west and Brunswick. 

‘The inner west is going through a big change, Footscray this year has performed incredibly well if you’re an owner.’

Click PLAY below to hear more on 3AW Mornings