Block homes face stiff competition from cheaper luxury properties nearby
The Block's five homes for sale at $3.6m to $3.9m face competition from similar properties nearby at lower prices.
The show's renovated homes on Melbourne's Mornington Peninsula face stiff competition from comparable luxury properties nearby for less. The show's properties are listed at $3.6 million to $3.9 million.
A five-bedroom home just a minute's drive away, at 112 Old Mornington Road, carries a price guide of $3.2 million to $3.5 million and includes a pool and tennis court on 3553 square metres. A downturn in the housing market means fewer buyers at the top end.
Agents say interest rate rises and cost-of-living pressures have shrunk the buyer pool above $3 million. Last year's Block season saw two homes fail to sell at auction and settle months later at steep discounts.
- $3.6 million to $3.9 million
- Block price guide
- $3.2 million to $3.5 million
- Competing property price
- $840,000 below reserve
- Last year discount
- 3,553 square metres
- Land size comparison
Why it mattersFalling demand for luxury homes means even reality TV projects cannot guarantee a strong sale, a sign of a genuinely weakened high-end market.
AustraliaVictorian property buyers in the $3m-plus range now have more choice and negotiating power, but fewer buyers can actually afford to enter that market at all.
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