We’re only three weeks into this year’s season of , but fans have already begun sharing how they think the competition will end after the price guides for the five renovated holiday homes in Phillip Island were recently made public. The online listings were set live on last week, revealing that the price guides have all been set below $2 million for the first time in eight years. Each of the properties has an indicative selling price of $1.
7 million to $1.85 million, which is an enormous shift from last year’s season where the properties had a reserve price between $2.97 million and $3.
35 million. Last year’s winners Steph and Gian Ottavio - who recently told their tips for winning the show - notably won the most money on when their Hampton East home sold for $5 million, resulting in $1.65 million profit plus $100,000 for winning.
It’s also surprising that the 2024 properties have the exact same price guide considering each of them differ in size. All five houses have three bedrooms and two car spaces, however, House 1 and House 2 only have four bedrooms compared to their neighbours which have five. House 5 is also the only two-storey property this season as the others only have a mezzanine level.
While this would typically suggest that the property would have a higher reserve price, the indicative selling price hints this might not be the case. It’s also important to note that the median sale price for a house in Cowes, the main township on Phillip Island, is $757,250 over the past 12 months. While the auctions are still a few months away, viewers have begun to speculate what they think will happen at the end of the season.
Many people are convinced that rich entrepreneurs like Adrian Portelli and Danny Wallis will buy all five of the Phillip Island homes after they purchased multiple properties in recent years. “Do we think about the end, will another moneybags buy the lot?” one person asked on Facebook. “Probably.
Regular people are priced out due to the clowns with the $$$$$,” a fan responded, while another added, “We will probably get the same old dribble at the auction! With the clown that makes stupid bid amounts!”. Others also pointed out that the lower indicative selling price would guarantee each of the houses would sell after last year saw Leah and Ash Milton pass in their property. “Prices set lower, perhaps more affordable for the average buyer,” someone else remarked.
“Then again, why would anyone with $2M buy a house in a set-up like this when they could afford a private single-owner occupancy.” 35-year-old Melbourne-based entrepreneur Adrian Portelli became a force to be reckoned with during finale in 2022 when he made a grand entrance in a Lamborghini and placed a staggering $5.5 million bid on the winning house.
He then made headlines in last year’s auction when he ended up with three properties for a cool combined total of $12.4 million - and even outbid himself at one point. Adrian started his career in the family's truck repair business.
However, he soon discovered his ticket to wealth within the bustling tech landscape of Los Angeles. During his tenure there, he ventured into tech start-ups, collaborating with a roommate to develop a suite of highly lucrative mobile apps that were sold for substantial profits. According to , his net worth currently stands at an eye-watering $1 billion.
Adrian's passions also extend beyond business to philanthropy. He is the driving force behind the Little Legends Foundation, which aims to brighten the lives of Aussie children suffering from chronic illnesses and a range of disabilities..
