As The Block 2024 draws to a close, the attentions of the Blockheads are turning to the all important auctions – and of course the lucrative prize money.
Each home will go under the hammer on the exact same day, leading to exciting and unpredictable auction results.
This year asking prices for The Block were the lowest they’ve been for several years, with every property having a price guide of less than $2 million for the first time in eight years.
When is The Block auction 2024?
We expect The Block auction to be on Saturday 9 November, with the finale aired the following day on Sunday 10 November 2024. The finale usually goes to air at 7pm.
The Block auction is usually one to two weeks after the final reveal. Based on 12 room reveals, this lines up for the auction to be on Saturday 9 November, however it’s also possible that it could happen a week later.
Last year The Block auction coincided with Melbourne Cup weekend.
How much will the houses sell for? What are the reserves?
The Block houses each have asking prices below $2 million, meaning it’s unlikely that any records will be broken this year.
Here are the asking prices for The Block 2024
| Team | Address | House Details | Asking Price |
|---|---|---|---|
| House 1: Maddy and Charlotte | 1/113-119 Justice Road, Cowes VIC 3922 | 4 bedrooms, 3 bathrooms, 2 car spaces | $1.7m – $1.85m |
| House 2: Courtney and Grant | 2/113-119 Justice Road, Cowes VIC 3922 | 4 bedrooms, 3 bathrooms, 2 car spaces | $1.7m – $1.85m |
| House 3: Ricky and Haydn | 3/113-119 Justice Road, Cowes VIC 3922 | 5 bedrooms, 3 bathrooms, 4 car spaces | $1.7m – $1.85m |
| House 4: Kylie and Brad | 4/113-119 Justice Road, Cowes VIC 3922 | 5 bedrooms, 3 bathrooms, 2 car spaces | $1.7m – $1.85m |
| House 5: Kristian and Mimi | 5/113-119 Justice Road, Cowes VIC 3922 | 5 bedrooms, 3 bathrooms, 2 car spaces | $1.7m – $1.85m |
The asking prices do not necessarily determine the all-important reserve price though – which are usually revealed during the finale, as well as the auction order.
This year’s asking prices are also far higher than the median house price for Cowes, which was $820,000 for 4 bedrooms homes for the 12 months from September 2024 according to Proptrack.
Read more: Every room reveal from The Block 2024 Phillip Island.
What is the auction order?
The auction order has not yet been decided but can play a tactical role in winning The Block.
The auction order is usually revealed at the start of the finale, along with the reserves.
Does The Block make any money on the houses?
The Block paid $8,758,00 for the whole site at 113-119 Justice Road back in September 2023. Stamp duty would have cost $438,000, meaning each home would have to sell for just under $1.84 million for Channel 9 to break even on the purchase of the properties.
Regular Block bidder and buyer’s advocate Frank Valentic, director of Advantage Property, told realestate.com.au the building costs were likely to be in excess of $1 million per house.
“Each property would owe them, I would imagine, at least $3 million. So if they don’t shuffle that, they are obviously going to sell at a loss. “
“Channel 9, I think get $50 million profit a year from the show and all their advertisers, and that’s where I think they obviously get their money.”
How much money will the contestants make?
The contestants get to take home any money above the reserve price.
The team that has the greatest profit above the reserve price also gets a $100,000 bonus prize.
Last year Steph and Gian pocketed $1.65 million plus the $100,000 bonus, however with this year’s price guides almost the same as last year’s winnings, it is unlikely any team will be taking home over $1 million.
What happens if the houses don’t sell during the auction?
If houses don’t meet the reserve price, then they are passed in and the agents can try to negotiate a higher price later.
Because the contestants win any money above the reserve, the auctioneers will sometimes try to end an auction early and pass in the house, rather than let the house sell for only $10K above the reserve.
Last year Kirsty and Brett’s house sold at auction for only $60,000 over the reserve, while Leah and Ash’s house sold after almost five months for $155,000 over the reserve.
In 2023 Jenny and Dylan’s house finally sold three months after the auction for $180,000 under the reserve. The team did not win any money.
Will Kylie and Brad be at the auction and can they win?
After a week of turmoil, Kylie and Brad exited The Block in dramatic fashion after the final room reveals and did not take part in the club house challenge.
Their exit prompted Scott Cam to declare that “this is now a competition between four houses” – although it wasn’t clear if he meant the who Block 2024 competition or just the Club House Challenge.
While their return for the auction is unclear, Kylie was spotted at the Melbourne Cup alongside other cast members and Adrian Portelli who has previously bought multiple Block properties in previous seasons.
We’re betting that Kylie and Brad will be at The Block auction, but after quitting just before the finish line will they be eligible for any winnings?
Jesse and Paige also left this season early and are not eligible for any money from the auction.
Will Danny Wallis or Adrian Portelli be at The Block auctions this year?
Both Danny Wallis and Adrian Portelli are expected to be at The Block auctions this year, however, the lower asking prices are set to bring in a wider group of buyers according to Frank Villantic.
“I think for me hopefully as a buyers advocate – I have bid on now I think around 50 [Block homes] and we generally get investors that are looking at these properties,” he said.
“And it is harder to get more investors with $4 to $5 million … so it should attract a pool of investors there that weren’t able to afford the last few series.”
Whether Danny Wallis places any bids this year though is still up in the air. The IT entrepreneur who has spent more than $30m purchasing Block properties, has signalled plans to offload his Melbourne rental homes due to the “killer” land tax.
“[The land tax] could be a disaster for The Block, if investors aren’t around, I know it’s mostly investors who bid on Block properties,” Frank Valentic said.
Who will win The Block 2024?
Without knowing the reserve prices, it’s almost impossible to guess who might win The Block 2024 – however both Kristian and Mimi in House 5 and Ricky and Haydn in House 3 are in with a good shot.
Kristian and Mimi have had the most wins of the season and with only a few rooms to reveal are going to remain on top of the winners tally with four wins.
On the other hand, Ricky and Haydn’s house offers the most in terms of configuration with five bedrooms, three bathrooms and four car spaces. Houses 4 and 5 offer a similar configuration but only have space for two cars per house.
Ricky and Haydn also took out the Buyers Jury and Listing challenge.
The Buyers Jury and Listing challenge has successfully predicted the winner of The Block in 2020, 2021 and 2023.
However bigger, or even most expensive house, doesn’t always equate to a winner on The Block as larger houses can also come with a higher reserve. This was the case in 2021 when Kristy and Jesse’s house sold for $4.4M – however, Mitch and Mark’s house ended up winning with a lower sale price thanks to a much lower reserve.
At this point, it’s anyone’s game.
The post The Block Auctions 2024 – Everything we know so far appeared first on realestate.com.au.
