josh and jenna sell home for $1m on the block

August 24, 2011

GOING, going, all gone - with confirmation the final house on The Block has now sold for $1 million.

The post-auction sale of Josh and Jenna's double-fronted terrace means the engaged couple now have a $50,000 nest egg to start planning their wedding.

"We always knew we had a million-dollar property. We're thrilled with this result," Josh told ninemsn.com.au.

"Jenna got the ring she's always wanted and now we can have the wedding we've always wanted and really give our new venture Bicker Design Co. a good start!

"We would like to thank Ruth Roberts of Woodards for her hard work and everyone who supported us throughout this amazing experience. It was a rollercoaster ride that we'll never forget. We're sure the new owner will be really happy with their new house."

Negotiations which followed the anti-climax auction last Saturday have reversed the fortunes of this year's more favoured contestants, who were left stunned as their properties were passed in under their scrutinised reserve price tags.

While Polly and Waz were crowned this year's winner, as the only couple to make a profit on the auction night, post-sales have seen Rod and Tania pocket $72,000 over their $850,000 reserve.

It leaves sisters Katrina and Amie as the only couple to miss out on making money off the sale of their renovated house, after settling for their reserve of $860,000.

However, it is believed the NSW mums could stand to make extra cash off public appearances and potential endorsement deals, trading off the profiles they built on Australia's most popular program for 2011.

The final sale should also silence real estate critics who challenged the valuations of the Richmond, Melbourne properties.

The Block's co-creator Julian Cress defended the show's process in appraising the renovated terraces, blaming an "ill-timed" investigation by the Victorian consumer watchdog into under-quoting for driving bidders away from the weekend auction.

Buyer advocates had also claimed the live auction flop was to be expected, claiming producers Watercress payed over the odds for the $3.6 million block of four derelict homes.

Attention now turns to the next series, expected to be staged in a block of four terraces purchased in South Melbourne for $3.025 million.