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The Block 2023 may be 'the worst series yet' for Channel Nine
The 2023 season of The Block may be headed for financial disaster as Channel Nine reportedly overspent on the five properties set for renovation next year.
The properties located in Melbourne's Bayside were purchased by a company owned by Nine for $14.3 million, equating to roughly $2.86 million per property – almost double the $1.55 million median price of the area.
Buyer's advocate Frank Valentic spoke with Daily Mail, saying these figures put the producers and teams "$7 million behind the eight-ball from day dot", adding, "The Block has paid a premium there, double what we would expect the properties to be worth. It could be financially the worst series yet."
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Frank went on to say that the current real estate market downturn favours buyers and believes The Block producers will need to recoup their costs through advertising.
The publication adds that for the show to make a profit, they would need to sell the properties for at least $4 million each. However, the neighbourhood record is $3.1 million, which was set in May 2021.
Scott Cam reveals drastic 'change' to The Block's rules
It comes after host Scott Cam revealed he wants to make some drastic changes to the show's rules to stop the mistakes of this season spilling over to the next.
Speaking with fellow Block star Shelley Craft on the show's official podcast, Scott said he was frustrated by the teams' constant overspending and would be looking into a way to stop the contestants from going so wildly over budget in the next seasons.
"They just keep spending. Shell, I think we might have to change the rules next year," the host said, leaving Shelley surprised, given the contestants are on a tighter budget than ever before.
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He didn't share how he thought The Block would be able to monitor teams' budgets more closely, but it has definitely been an issue for some of the teams this season.
Sharon and Ankur were "cut off" by Cam after overspending by $53,000.
"You guys have an encyclopaedia of unpaid bills," Cam told them, adding he'd have to cancel their credit cards and lock their accounts.
"Some of our contestants this year say ‘It can’t be done, we can’t finish this.’ As I’ve said many times before, we only need one team to finish, and that means it can be done," Cam added on the podcast.
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