Phillip Island real estate experts have warned The Block is headed for troubled waters as contestants are “unlikely” to sell their properties for the prices the show is hoping for.

Multiple agents told the Herald Sun have said that few if any homes in the holiday hotspot will achieve the prices being sought without a waterfront address.

All of the five Phillip Island properties have a price range of $1.7m to $1.85m – the first time in eight years that every residence on the show is asking for less than $2m.

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Island Cove Villas is the site The Block has bought and turned into houses for the show’s 2024 season.. Picture: Supplied/Realestate.com.au/Eview

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The Block contestants Courtney and Grant revealing their guest bedroom.

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With the show’s latest addresses more than 1km from the water, Harcourts Asap director Daniel Farrugia said prices were a “bit up there”, especially because they were lacking beach views.

“They’re not going to have views or anything like that, whereas some of the other properties (outside The Block) that are above $1.2m, $1.4m will have views,” Mr Farrugia said.

The Block’s Ricky and Haydn’s guest bedroom.

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The Block’s Kylie and Brad’s master ensuite bathroom revealed.

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Another potential challenge for the show’s contestants was that he was only selling homes to owner occupiers at the moment, with his last holiday home sale more than six months ago.

“Everyone’s looking from an owner occupier’s point of view. I guess land tax doesn’t help that side of it,” he said.

Noonan Real Estate director Matthew Waters said it was unlikely this year’s Block properties would “get around the $2m mark”.

“It’s not the best location, being all the properties in that one small compound … isn’t very desirable,” Mr Waters said.

“(If) they’re going to be Airbnb or holiday homes, there’s five properties in that one area. The parking issue is going to be a bit of a tricky point.

“I’m curious to see what prices they do get.”

Adrian Portelli said he may throw a bid or two on some of the Cowes properties when they go to auction.

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However, regular Block punter Adrian Portelli – otherwise known as ‘Lambo Guy’ – told the Herald Sun he may “throw a bid or two” when the Cowes residences go under the hammer.

“I went and had a look at the houses a few months ago when we filmed for the public judging,” Portelli said.

“There’s some nice houses there and some potential there.”

Another serial Block buyer Danny Wallis declined to share whether he’d be attending the auctions or not.

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