During The Block season finale on Sunday night, all five teams and the show’s hosts Scott Cam and Shelley Craft were stunned when they discovered that Channel 9 had set the reserve prices for all five properties at $2.99m.
The reserve prices indicate the minimum price that the properties needed to sell for to give the teams any profit. Even Sonny and Alicia, who had won $50,000 off their reserve price, told the group they “hadn’t even considered” the reserve could be so high. And it seems the contestants and hosts weren’t the only ones shocked by the high reserves.
Buxton Real Estate’s Mark Nunn, who worked with Britt and Taz on their property, explained to Yahoo Lifestyle that he and the other agents told Channel 9 that the $3 to 3.3 million price guides they had placed on the properties “were too high”.
He said the agents and Channel 9 all went for a lunch where they were told the price guides. “Every agent said that they felt [the price guide] was too high,” Mark told Yahoo Lifestyle.
Scott Cam, Domain’s Alice Stolz, and Shelley Craft were all shocked by the reserve prices. Photo: Nine
“We felt the reserves needed to be $2.5m to $2.6m — that’s where the reserves needed to be if you wanted to sell five houses in Daylesford into the $3 millions, all in one day.
“The reserve prices need to be around that mid 2 [million], so that’s where we felt was right, and if they had have done that, then all the houses would have sold, and they all would have made some money, and everyone would have been happy.”
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Unfortunately, this wasn’t the case at all.
While winners Britt and Taz sold their property for a profit of $420,000, plus an extra $100k in prize money, their nearest competitor was Sonny and Alicia, who won $120,000.
Robby and Mat, who Mark expected to do very well on the day, sold their property for a profit of $109,999 — not the life-changing money they had anticipated.
Robby and Mat were very deflated after learning the reserve prices for the properties. Photo: Nine
Emma and Ben, and Han and Can were forced to pass their properties in as they were worried they would make next to nothing if the auctions stayed too close to their reserve prices.
During the episode, Scotty even told the group that he thought the reserve prices “felt rough” and asked what everyone would have been happy with; Taz responded that $2.6m would have been closer to what he believed was right.
Mat agreed, saying his agent had hoped the reserve would be closer to $2.5m so they could make some money.
Mark told Yahoo Lifestyle that he expected the outcome would have been the same, even if the reserve prices were lower, in terms of who came first, second, and third on the day.
Emma and Ben’s property, along with Han and Can’s, was passed in on Sunday night. Photo: Nine
“However, at least it would have given the other houses that didn’t make much money, or didn’t make any money, a chance to make something,” he said.
Mark explained that the decision lies with Channel 9, and they wouldn’t budge even though the agents tried to change their minds.
“They effectively made the decision, and then told the agents, ‘This is what you’re quoting at,’ and then even after we gave plenty of feedback of where we felt the reserves should be, it didn’t matter, it didn’t have an influence, unfortunately.”
Mark added that he firmly believes that if the reserves had been in that range of $2.5-2.6m that “every single house” would have received bids between $2.7-2.9m.
“Everyone would have sold and made some money, and everyone would have been happy,” the agent said.
Britt and Taz with Mark Nunn and the team at Buxton Real Estate. Photo: Instagram/marknunnbuxton and buxtonballerat
While he speculated that Channel 9 wanted the drama for ratings, he said that he and his team wanted every house to sell and make money, not just the one they were working on with Britt and Taz.
“I think the key thing is, it’s not that any of the houses weren’t saleable, they’re all amazing properties, they’re unreal, it’s just the price guide.
“It wasn’t the fact that those houses weren’t as good as the others, it was purely a price situation.”
Channel 9 responds to criticism of The Block’s reserve prices
A Channel 9 spokesperson told Yahoo Lifestyle “the reserve prices are determined through a comprehensive valuation process”.
They said the process included the opinion of independent industry experts whose assessments are based on current market conditions, and the intrinsic quality of the properties themselves.
“Each selling agent is also required to provide, by law, an indicative selling price contained in a Statement of Information during the campaign, which also includes details of comparable sales and the median price,” the spokesperson said
“All indicative selling prices provided by the selling agents were $3-$3.3m.”
How much did The Block houses sell for?
Han and Can were heartbroken that they had to pass their home in at the auction. Photo: Nine
Britt and Taz’s sold their house for $3,410,000, becoming the winners of The Block 2025 and walking away with $420,000 in profit, as well as the $100,000 prize money.
Sonny and Alicia sold their property for $3,060,000, and with $50,000 off their reserve price, they took home $120,000.
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Robby and Mat’s house sold for $3,099,999, giving them a profit of $109,999.
And unfortunately, Emma and Ben, and Han and Can’s properties were passed in as they couldn’t get above the reserve price. These properties may still sell through negotiation with potential buyers.
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