Trent Mason, from Leading Real Estate, said having the home renovation show filmed in Sunbury \u2013 about 30km northwest of Melbourne\u2019s CBD \u2013 \u201cwill bring a lot of positivity and growth\u201d to the area.<\/p>\n
\u201cBut the price and how it\u2019s all been handled, well, that\u2019s the bit with a question mark over it,\u201d Mason said.<\/p>\n
Mason said it was difficult to say what he would have expected the property to fetch due to its heritage listing and deterioration, but the land would be valued much higher than the selling price, based on comparative sales.<\/p>\n
For instance, Mason sold a 2,020 sq metre property for about $890,000 in 2024, despite it being nearly 10% of the size of the site bought for The Block. A 2,880 sq metre property recently sold for $3m in Sunbury, he said.<\/p>\n
\u201cHearing about the price, you can\u2019t help but be a little bit concerned about how it was all handled,\u201d he said.<\/p>\n
The sale has caused division in the community, with Legalise Cannabis MP David Ettershank, whose upper house region includes the property, describing the deal as the \u201cbargain of the year\u201d for Nine.<\/p>\n
\u201cWell done to the production company behind The Block for securing what has to be one of Victoria\u2019s property deals of the year,\u201d Ettershank said.<\/p>\n
\u201cAt around $38 a sq metre, I suspect there are plenty of people in Melbourne\u2019s west wondering where they can sign up for the same deal.\u201d<\/p>\n
Alison Cunningham, a co-founder of Sunbury Asylum Alliance, said the community was hoping to turn the building into a cultural hub for arts, training, events and hospitality venues \u2013 similar to how the Abbotsford Convent<\/a> is used in the inner city.<\/p>\n \u201cWe totally understand these are historic buildings,\u201d Cunningham said. \u201cThey are very expensive to maintain. They are very expensive to restore.<\/p>\n \u201cBut when the government took over, a lot of those buildings were nowhere near the condition they are now. It\u2019s mainly because nothing has been done.\u201d<\/p>\n She said the price of the contract had shocked people in the area, who were angry it was sold so cheaply.<\/p>\n \u201cWhat does this mean that they\u2019ve only paid a million dollars? On a broader scale, is everyone\u2019s house overvalued?\u201d<\/p>\n
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