The Block's price guides highlight Australia's insane property market

The Block’s 2021 price guides have highlighted Australia’s insane property market.

During Sunday night’s finale of the show, houses one to four were set at a $3.5million reserve, while Kristy and Jesse’s house was priced at $4.2million. 

The contestants were initially shocked with the reserve prices, with host Scott Cam also admitting he believed they were too high.

Market prices: The Block’s jaw-dropping price guides have offered a glimpse into Australia’s insane property market

‘I think they are too high… whoever set these reserves, our experts at the network, maybe they know something we don’t,’ he told the contestants.

But each home still sold well over their reserve price during the final auctions. 

Mitch Edwards and Mark McKie, who placed fifth in season 15 back in 2019, came out on top for this year’s Fans v Faves, with $744,000 in prize money.

The stylish Sydney couple sold their stunning home for $4,044,444.44 with a $644,444.44 profit.

Price guides: During Sunday night’s finale of the show, houses one to four were set at a $3.5million reserve, while Kristy and Jesse’s (pictured) house was priced at $4.2million

Twin brothers Josh and Luke Packham, sold their property for $3,930,000 with a $530,000.00 profit.

Meanwhile, The Block newcomers Tanya and Vito Guccione, sold for $3,800,000.01, taking home $400,000.01.

Country couple Kirsty Lee Akers and Jesse Anderson finished fourth, having sold their property for $4,401,523.67 with a $301,523.67 profit.

Returning faves Ronnie and Georgia Caceres, who starred in season 13, placed fifth, selling their property for $3,696,000.00 with a $296,000.00 profit. 

Winners: Each home still sold well over their reserve price during the final auctions. Mitch Edwards and Mark McKie (pictured) came out on top, with $744,000 in prize money

Australia’s housing affordability crisis is now so bad real estate is typically costing seven figures despite being more than a one-hour drive from the middle of Sydney, Melbourne or Brisbane.

In late 2019, beachside homes with backyards on the NSW Central Coast, mid north coast, pockets of the Sunshine Coast and Victoria’s Mornington Peninsula had median prices under $600,000.

But now houses in these areas are typically sell for more than $1million as record-low interest rates and more people to working from home spurs demand for homes in areas offering a good lifestyle.

Sold: Returning faves Ronnie and Georgia Caceres (pictured), who starred in season 13, placed fifth, selling their property for $3,696,000.00 with a $296,000.00 profit