Nine’s most ambitious reality TV renovation show is under the spotlight for the final time as five properties worth more than $20 million are set to go to auction.
This year the show decided to go rural for the first time in its 18 years, setting a so-called ‘Tree Change’ challenge where five couples had exactly three months over winter to build 500-square metre homes with tennis courts, swimming pools and vineyards on blocks of land at Gisborne South in Victoria’s Macedon Ranges.
The teams completed the job – albeit one that judges described as a renovator’s delight due to the massive build – and now the turnkey properties are being showcased for auction on Sunday night.
Will the properties set records or get passed in?
With an average cost to build and complete each 4.2-hectare block about $4 million (each home is also fully furnished), contestants will be allocated an auction order and reserve price for their property before the auction bell rings.
Each property is listed with different real estate agencies with an average advertised price of $4-$4.4m.
The difference between the reserve and the price achieved at auction is the amount contestants take home.
The couple with the biggest margin take home an extra $100,000 in prize money.
But, with a seventh straight interest rate hike on Tuesday, and CoreLogic figures showing national median property prices fell 1.2 per cent in October, the question now is whether there will be a market for these semi-rural properties (located 50 minutes north of Melbourne’s CBD).
Will they really be up for grabs by “Aussie families” or be snapped up by hungry investors with eyes on negative gearing and tax right-offs?
The goose is cooked?
TV expert Steve Molk reckons the goose might be “cooked this year”.
“It was a smart idea and could have really done big things in 2021…but with people thinking we are returning to normal this year it might fall flat at the finish line.
“The Block this season swung for the fences, and we saw the impact of some of that on the contestants, budgets, and now will likely see that in the auctions as interest rates have spiralled and inflation is through the roof,” he tells The New Daily.
“This is absolutely going to impact sale prices, and unless they have a couple of millionaires lying around wanting to splurge $20m-plus on the five properties then everyone’s goose might be cooked.”
Mr Molk pointed to this season The Block NZ and how much the winner and runner-up walked away with: “It does not bode well for these auctions”.
“The cool change that swept through Australia’s property market has resulted in a much more temperate spring,” says Nine’s Domain national managing editor, Alice Stolz, talking up a buyer’s market.
The show’s executive producer and co-creator, who’s been doing the gig since 2003, Julian Cress: “The houses our contestants have created are amongst the best homes The Block has ever offered for sale, but we’re selling more than 50 acres [20-ha] of property in one day in what’s proving to be a very volatile market”.
“These factors mean we’re in for a nail-biting finale – it’s really anyone’s game.”
Mr Molk says the so-called angel bidders, who come in with paddles and buy two or three properties on behalf of unidentified buyers, is the compelling part of the format.
“The finished products are amazing, and out of reach of almost everyone … The Block does its best work when a normal person can bid with some hope of buying one…not needing millions to cover the purchase.
Is this the season where it all goes pear-shaped?
Has this season spelt disaster for the show? How do come back with a 19th season after such a mammoth challenge?
Dedicated fans have suggested they’d like to see a return to more simple times, where ordinary suburban homes get renovated and the process is shown in far greater detail.
However, if ratings are anything to go by for network executives, this year was huge.
It was a clear unbeaten favourite over other reality TV shows and current affairs programs, according to Medianet. The kitchen reveals alone attracted 1.78m viewers.
According to a statement from Nine, each episode averaged a total TV audience of 1.533 million viewers per episode – up by 10.5% on last year.
There was a lot to watch and a lot to take in this year.
In the biggest set of auctions the show has ever seen, five couples – Tom and Sarah-Jane (Vic), Rachel and Ryan (NSW), Ankur and Sharon (Vic), Dylan and Jenny (Qld) and Oz and Omar (NSW), slogged it out in the worst winter, where muddy conditions, freezing temperatures and a shortage of tradesmen made life difficult.
There were days where machinery just didn’t make it on site or got stuck in the mud, where a new subdivision meant landscaping was crucial, where cladding just didn’t make it onto part of the build in time.
Sure, they had expert building teams, sourced materials ahead of other mainstream builds due to contacts and long-term sponsorship deals, and all had manageable budgets.
But, it was 12 weeks of their lives they’ll never get back.
Has The Block got another season in the tank?
According to realestate.com.au, the answer is a definite yes.
The next Block will be five houses in Charming St, Hampton East bought for $14.3m
They’re mostly three or four-bedroom properties, aside from a two-bedder, with much smaller blocks ranging from 575sqm to 703sqm.
Fans will be happy.
Each house is solid brick, is dated, needs a massive renovation and a lot of love and labour.
Since premiering on Channel 9 in 2003, Australia’s richest reality program has awarded a total of $28,771,471 in prize money.
The Block Grand Finale Auction is on Sunday, November 6, at 7pm on Channel 9 and 9Now
The post ‘A very volatile market’: Nine juggernaut <i>The Block </i> and its ‘tree-change’ set to be tested at auction appeared first on The New Daily.
