Shelley Craft has let slip just how much this year’s The Block homes will set buyers back, and it’s safe to say contestants will be hoping some seriously deep-pocketed buyers are watching.
In a surprise moment on Today, the longtime Block host revealed the highly anticipated figures for the five Mount Eliza properties, a week before they were due to be made public.
Shelley was chatting with hosts Tom Steinfort and Sylvia Jeffreys about Victoria’s new property laws, which require homeowners to publicly disclose their reserve prices ahead of auction, when she accidentally found herself spilling one of the season’s biggest secrets.
“This is unknown territory of us to know what the reserves are, I do know what they are… keeping tight-lipped about that is really difficult,” she admitted.
Sylvia then encouraged Shelley to rip the bandaid off, prompting the host to ask: “Should I reveal them now?”
Well, she did!
Shelley confirmed that all five homes have been given an identical reserve price of $3.45 million, with a sale guide of between $3.6 million and $3.9 million.
The figures are particularly significant given The Block’s properties will be among the first to fall under Victoria’s new reserve price disclosure laws.
“They will have to reveal their reserves, it’ll be printed on Domain — you’ll see that below the listing for the world to see,” Shelley explained.
She also joked that the show’s executives would probably be making their way downstairs to give her a talking-to for revealing the figures early.
“We have to tell you next week anyway!” she added.
What else could you buy in Mount Eliza for $3.45 million?
With all five Block properties carrying a $3.45 million reserve, prospective buyers will have some serious decisions to make when it comes to spending that kind of money.
The five homes are located in Mount Eliza, a sought-after Mornington Peninsula suburb, and mark the first time the renovation series has featured waterfront properties.
Each of the two-storey homes boasts views across Port Phillip Bay and the Melbourne city skyline, with Houses One, Two and Three sitting high on the site on approximately 1000 square metres of land.
Those three properties share an identical floor plan, featuring four bedrooms, four bathrooms, an open-plan kitchen, living and dining area, an alfresco terrace, rumpus room, elevator and swimming pool.
Houses Four and Five also feature four bedrooms and four bathrooms, but offer an additional 50 square metres of floor space each. While they have only partial water views, they make up for it with larger decks leading out to backyard pools.
House Five is also sitting on the biggest parcel of land, with a whopping 1435 square metres.
Of course, $3.45 million is a considerable amount of money to spend on a property, even by Mount Eliza standards.
There are plenty of luxury homes in the area that offer buyers an alternative to The Block’s multimillion-dollar creations.
One property giving The Block homes some serious competition is a beautifully renovated four-bedroom home at 120 Allison Road, Mount Eliza, which is listed on Domain with a price guide of $2.95 million to $3.245 million.
Set on an impressive 2,973-square-metre block, the luxury family home features two living areas, a designer kitchen, four bedrooms, multiple entertaining spaces and a swimming pool surrounded by landscaped gardens.
It also boasts a separate multipurpose garage, home office, solar power system and plenty of room for the family to spread out.
And perhaps most interestingly, even at the top end of its asking range, the property is still $205,000 cheaper than The Block homes’ $3.45 million reserve.
Another luxury alternative is this brand-new, architect-designed home in Mount Eliza’s exclusive Drendon Place precinct, which comes with a price guide of $3.1 million to $3.4 million, per Domain.
Designed by award-winning Little Brick Studio, the five-bedroom, three-bathroom property also features a dedicated study and sits on an impressive 1,284-square-metre block.
The single-storey home boasts expansive open-plan living spaces, a designer kitchen fitted with premium appliances, multiple living zones and two principal bedroom suites.
Outside, there’s a resort-style entertaining area complete with a barbecue kitchen, sprawling landscaped gardens and a large heated swimming pool and spa.
The property also features a seven-star energy rating, double garage and high-end finishes throughout.
Interestingly, even at the top end of its price guide, the property is still $50,000 below The Block homes’ $3.45 million reserve.
With the reserve figures now out in the open, the question is whether The Block contestants can convince buyers that their freshly renovated homes are worth the hefty price tag.
Why the new reserve price laws are a big deal?
The early reveal comes as Victoria introduces new legislation requiring vendors to publicly disclose their reserve prices at least seven days before auction.
Speaking to Nine.com.au about the changes, Shelley said the legislation was all about creating greater transparency for buyers.
“The whole legislation change is to create transparency within the industry,” she explained.
“What I would love to see on Auction Day is families that have done their due diligence, seen the homes and know they’re in the ballpark for purchase.
“I want our contestants to reap the rewards of their hard work, and that takes dedicated buyers in the room ready to fight for their property.”
The Block homes are effectively becoming guinea pigs for the new legislation, with their reserve prices now publicly listed on Domain.
It’s been a big season for the contestants, who were each handed a budget of $790,000 to transform their Mount Eliza properties.
Now, with the finish line in sight, they’ll be hoping their hard work translates into some seriously impressive auction results.
The Block airs Sunday – Thursday on Channel 9 and 9Now.
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