Ross Greenwood speaks to Aussie icon and The Block host Scott Cam about why The Block is actually quite reflective of the property market and how its really ‘all about timing’
Introduction: Is the Property Market all about timing?
Ross Greenwood: Welcome back to Money News. It was news out today from Domain saying that Sydney property markets in particular, are right now seeing the biggest falls they’ve incurred in the past 10 years since 2008. Now that got me thinking a little bit because this weekend, my good old mate Scott Cam is back with The Block on Channel 9, so he’s seen all of this. In fact, if you go back to, I think it was Polly and Waz in 2011, nobody sold. There was only one of the properties actually sold on The Block. It really was almost the making of it because it was such hard drama, but if you go back in history, it was almost the perfect time to have bought.
Now I’m not saying this is the perfect time to buy, but what I do know, is the further that the Sydney markets in particular, and Melbourne, and even Brisbane go down, with population growth, ultimately, the more they’ll go up. Scott Cam from The Block is with me now. Hello Scottie, how are you mate?
Interview with: Scott Cam, Host, The Block
Scott Cam: Hello, Ross. How are you, champ?
Ross Greenwood: Good. Can you remember those days when those properties did not sell?
Scott Cam: I do. It’s pretty rough.
Ross Greenwood: Do you remember how dirty they were about the contestants, how they’ve put up all that work?
Scott Cam: I will still see, but look, that property marks at the time was a very different species back then. It certainly from that moment on, it rose in Melbourne. I know and I’m sure Sydney did the same thing because the following year, it was very bullish and contestants were making $500,000. The year before, they made nothing. Our show is very much a construction show, we know that, but it’s also a very much a real estate show as well.
Ross Greenwood: The other point also is that those early lessons show that if you hit your timing wrong, doesn’t matter how much you’ve done up the property or what you’ve done to them, generally, that is a recipe for success for people, but if you get your timing just a bit wrong, you got to be careful, don’t you?
Scott Cam: You do. You’re right. You can do all those bells and whistles and put in the great gear in the kitchens and bathrooms and things like that, but if people aren’t in the money and they’re not in the market to buy, well, then it can fall flat. It really is about timing, and there’s no doubt about that. We’re coming into a new season of The Block as you’re saying and we’ve got an auction coming up in about three months’ time, and our contestants have done an enormous work to the Gatwick Hotel in Fitzroy Street St. Kilda.
Ross Greenwood: Which is notorious. I mean, the Gatwick’s famous in Melbourne and certainly famous around Australia as being one of the old boarding houses, a doss-house, if you like, so it really is quite something to see that being renovated.
Scott Cam: Look, it is but then the apartment that they built are amazing, but as you say, if the market’s flat though, the buyers are not going to be there, so it’s a testing time.
Ross Greenwood: That will be this weekend on The Block. Just a side, am I right to say, your young bloke’s playing in a big rugby match this Saturday, is that right?
Scott Cam: Look, they do. The arrival it’s fantastic because it’s the battle of the East. It’s Randwick versus East. Gatwick which got the new ground, the bars right on the ground. They’re trying to get record crowds there. I’m going to be down there all day. If you want to come in and–
Ross Greenwood: What grade is your young bloke playing in then, Scottie?
Scott Cam: He plays in the lower grade. He’s still in the committee there. He plays in 5th grade but he loves the club. I love the club there because my son’s played it. Bill plays, does a bit of away at the moment. It’s just a great day down there. It’s all day tomorrow. Colster are at 1:50, first grade at 5:00. It’s going to be a corker.
Ross Greenwood: There you go. Scottie Cam, my mate from The Block. That’ll be not a bad day. More Money News coming up.
[00:03:57] [END OF AUDIO]
Image source: 2GB