NEED TO KNOW
- The Block 2027 houses have a reserve of $3.45 million.
- The reveal happened early due to new auction legislations in Victoria.
The cat is out of the bag! The Block host Shelley Craft has revealed the reserve prices for the upcoming auction a week early.
Speaking to Tom Steinfort and Sylvia Jeffreys on Today, Shelley explained that the new underquoting property legislation in Victoria meant that agents now have to disclose a home’s reserve a week before auction. Considering the reserve has traditionally been a big reveal on the show, the early announcement is an exciting twist for Block fans.
“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. Should I reveal them now?” Shelley teased, before revealing that the reserve price for the five homes will be set at $3.45 million, with a sale guideline of $3.6 million to $3.9 million.
According to current market data, the median house price in Mount Eliza (where this season of The Block has been filmed) sits at $1,720,000. This means that homes from The Block sit approximately $1,730,000 higher than homes in the area.
With the reserve so high, the Blockheads are not happy. However, Scotty says the reaction has been more measured this year compared to other seasons.
“They are never, ever happy with their reserve price in the history of the show,” Scotty tells TV WEEK exclusively.
“But this year they weren’t going mental about it. So they weren’t overly happy, but they’re not cranky as normal.”
Sev and Courtney say they’re not too surprised by the reserve price.
“I was hoping that it would hover somewhere in the mid-threes. I think it’s alright,” Sev said.
“Obviously, with Courtney and I being best friends, we have to split our winnings if we do get any and that comes into play. So the lower [the reserve], the better for us, selfishly speaking.
But if we’re talking in a realistic way, I think Channel Nine have done a lot of due diligence around it. I think hopefully it will be a fair playing field this year based on those reserves.”
While the reserves might seem high to viewers at home, judge Shaynna Blaze sees it differently.
“With he high building value of the houses and the area they sit in, the reserves are be a bargain for what a buyer gets in comparison to what is comparable to the area,” she explains.
“If they don’t sell it will be a pure reflection on the property market, not because the contestants and The Block haven’t delivered a quality home.”
For contestants like Sev and Courtney, who are already splitting their earnings, every dollar over $3.45 million counts. And, with reserves set this high, the line between a life-changing payday and passing in has never been thinner.
You can watch The Block on Nine or 9Now.
