Young couple Emma and Ben Cox have been compelled to put their cherished Mornington property on the market after their devastating experience on this year's season of The Block left them without any financial return.
Dream Home Becomes Financial Burden
The 33-year-old Emma and 32-year-old Ben had poured their hearts into transforming their current residence into what they described as their 'dream home', completing the renovation just before appearing on the popular renovation show. Their four-bedroom, two-bathroom Hamptons-inspired property now carries a price guide of $1.7 million to $1.925 million.
'We completed the renovation on this one just before we went on The Block,' the couple revealed to Mamamia. 'And to be honest, it's like our dream home, but we're just ten years too early.'
Their original plan had been straightforward: use any profits from The Block to maintain their current lifestyle in their meticulously renovated home. Unfortunately, reality intervened dramatically when their Block property failed to meet its reserve at auction.
Disastrous Auction Outcome
The couple's experience during October's Daylesford auctions proved nothing short of catastrophic. Their House One was passed in after bidding stalled $20,000 short of the $2.99 million reserve. Despite the couple placing a vendor bid of $3.1 million, potential buyers refused to engage further.
In the aftermath, the Coxes expressed their frustration with billionaire Adrian Portelli, who despite having a proxy present at the auction, declined to place a bid on their property. Ben Cox made pointed remarks about Portelli's absence, noting: 'He's not got the deep pockets that he used to have.'
Emma added her perspective, stating: 'Having Adrian not attend this year, you can see the outcome. He's been here the last three years. He's just inflated prices and set that expectation a bit too high.'
Moving Forward Amid Uncertainty
The couple, who welcomed their baby Bailey Colter Cox on September 25, now find themselves in what they describe as 'limbo'. Their Block house remains unsold, adding to their financial pressures and forcing the difficult decision to sell their personal home.
'Our plan was to see how we go on The Block and if we made any money on the show, we would have loved to have stayed living there,' they explained, highlighting the gap between their expectations and the harsh reality of their situation.
The experience has served as a stark reminder of the unpredictable nature of property markets, even for those who invest significant time, effort, and emotion into their projects. As they prepare to part with their dream home, the Coxes join fellow contestants Robby Lippett and Mat Johnson in facing financial disappointment from this year's season.
