In a Block first, the reserve prices have been revealed for the five Mt Eliza homes weeks ahead of auction, with the $3.45 million reserve equating to double the suburb’s median sales price.

Contestants have faced a nervous wait ahead of the expected October 31 auction since the 12 weeks of filming for The Block’s 2026 season wrapped some months ago in the Mornington Peninsula suburb.

PropTrack data shows the coastal suburb, located an hour south of the Melbourne CBD, recorded a median house price of $1.72 million over the 12 months to September.

New Victorian auction laws came into effect earlier this month which require real estate agents to publish the seller’s reserve price at least seven days before an auction, or fixed-date sale.

Lisa and Rosco’s house from The Block 2026. Picture:

However, McEwing Partners director Quentin McEwing, who is the sales agent for Wyatt and Chantel’s House 2 told realestate.com.au, he was surprised the reserves were made public more than two weeks ahead of the auction day.

“None of the agents knew it was going to happen …and all of a sudden, I got a text saying the reserves have been announced,” he said. 

“I don’t know whether it was premeditated or not from the executive team of Channel Nine. Certainly us, and the contestants didn’t know that was going to happen.”

Chantel and Wyatt’s house from The Block 2026. Picture:

Michelle Skoglund from Aqua Real Estate, who is the sales agent for Adam and Jolene’s House 1, said while the contestants had known the reserves for some time, she chose not to find out as she was comfortable with the earlier advertised price guides of $3.6 million to $3.9 million.

“So then, when the reserve came out at $3.45 million, I was like, ‘Wow, this is amazing!’ Because what it will enable people to do is to really have a little bit more time, another week, to really assess: ‘Can we get there? Can we afford it?’”

Ms Skoglund said she believed there was a depth of buyers for properties at the $3.45 million price range in Mt Eliza, and House 1 has registered buyers already.

Adam and Jolene’s house from The Block 2026. Picture: Channel 9/9Now

“I’m enormously lucky because house number one in particular really is a very well-built home,” she said.

“I do think we do have the best house. We have incredible views, and we certainly have the most privacy in respect to when you’re in the property.”

Generous depreciation schedules, coupled with premium finishes and appliances, make the homes the equivalent of a $6 million build, Ms Skoglund said.

“The depreciation schedule, approximately on our one for the first year is $254,000 so it’s an incredible opportunity for an investor, and for an investor coming into Mount Eliza, there aren’t too many properties where there’s new builds,” she said.

A nervous wait in the countdown to auction day

A challenging economic environment, four interest rate hikes and a looming Reserve Bank meeting days after auction day, coupled with the new Victorian auction laws, had The Block sales agents “biting their nails,” according to Mr McEwing.

Over the weekend he showed about 40 groups through House 2, with positive feedback. But he said the buyer depth was not yet there to categorically say he had two or three “runners” interested in buying.

Chantel and Wyatt’s house from The Block 2026. Picture:

“It’s good value. Would they buy it? Maybe not. Only because of the hesitation in the market now, and the uncertainty of them being able to secure a sale at their end to buy this end,” he said.

“On paper, it’s a $2 million block of land. It’s over a $3 million build…like the numbers stack up, it’s a no-brainer.

“They are good buying, in good real estate. If these don’t sell, then the market needs a couple of paddles on the chest.”

Do this year’s home stand a better chance at selling under the hammer?

Buyers agent Cate Bakos said Mt Eliza had a demographic which could sustain higher prices, and it was no surprise the depth of buyers remained uncertain so far out from auction day.

“Particularly in this climate buyers are not showing their cards, and even when they are, their cards can change pretty quickly, or they can get scared,” she said.

“Despite the show’s popularity, you can’t expect the same depth of buyers for something at that price point in this climate –  there just aren’t enough buyers that can easily get their hands on three and a bit mil.”

Adam and Jolene’s house from The Block 2026. Picture: Channel 9/9Now

While Ms Bakos said premium products were really hard to move in current market conditions, the Mt Eliza location gave contestants a better chance at success than previous Block seasons.

What you can buy in Mt Eliza for about the same price as The Block houses

With all eyes on Mt Eliza and the five Mackillop Place Block homes set for auction on October 31, here is a look at other homes in the area currently for sale:

Contemporary luxury

At a comparable price point to its famed Block counterparts, this five bedroom, three bathroom brand new residence at 24 Dendron Place has an advertised asking price of $3.1 million to $3.4 million.

This brand new five-bedroom home on a 1284sqm block is on the market with a price guide that’s a little lower than The Block reserves. Picture: realestate.com.au/buy

Described in its listing as “a visionary expression of contemporary high-end resort-style family living”  in an elite location, the home was designed by award-winning Little Brick Studio.

It includes a heated pool, wraparound lawns and an outdoor kitchen. Picture: realestate.com.au/buy

The single level home is set within Mount Eliza’s exclusive Drendon Place precinct.

Beach views abound

Offering elevated ocean views like its Block competitors, this renovated American colonial style residence at 54 Glen Shian Lane is set within the locale’s prestigious golden mile.

This meticulously renovated four-bedroom home captures ocean views from the upper level. Picture: realestate.com.au/buy

Offered for sale with an asking price of $3.3 million to $3.6 million, the four bedroom, three bathroom home also has a separate self-contained guest house.

Prestigious spot

Located just metres from the five Block homes, 13 Daveys Bay Road is set footsteps from the beach,  Daveys Bay Yacht Club and Toorak College.

This Picture: realestate.com.au/buy

With a price guide of $3,495,000 – $3,695,000, the ‘Golden Mile’ residence’s long list of luxe features include Carrara marble, a spacious alfresco deck with an outdoor kitchen, a 1200 bottle wine cellar and a pool.