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No problem: The Block producers reject talk Hughesy paid too much

If Hughesy paid too much for his property, why did he want to settle early?

This week on Hughesy, We Have a Problem, Dave Hughes questioned whether he paid too much for buying on The Block.

Hughes paid 3.067m for the Elsternwick property renovated by Josh & Elyse, $447,000 over its reserve.

He has since claimed his home loan bankers had valued the home at “much less.”

Renovation expert Cherie Barber even told him he paid $250,000 too much for the home.

But The Block producers reject the idea.

“No way! Dave Hughes chose to settle several months early on the property because he had people clamoring to rent it,” said producer Julian Cress.

“Dave Hughes did extremely well for himself. If he paid too much he wouldn’t have settled three months early.”

The property has since been rented by Hughes.

4 Responses

  1. Umm.

    $3m on interest only at 4.5% requires rent of $2,650 per week.

    I highly doubt that’s the return – just to hold the property with no principal reduction. ($3,700 per week p&I at 3.9%).

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