Adrian Portelli launches new Phillip Island comp after Block snub

Adrian Portelli has ditched The Block brand in his latest LMCT+ comp, instead banking on a Channel 7 reality shake-up. Picture: NearMap

Adrian Portelli has snubbed The Block and is switching teams, stripping almost all references to the Nine ratings powerhouse from his latest LMCT+ competition as he prepares to bankroll Channel 7’s upcoming reality series My Reno Rules.

The Melbourne entrepreneur — who has already splashed more than $30m buying Block homes — went all-in last year when he paid $15m for the entire set of five houses from the show’s 2024 Phillip Island season, later giving them away through his LMCT+ empire in a headline-grabbing promotion.

Now he’s back with a fresh competition, this time offering up to five coastal homes on Phillip Island as separate prizes for multiple winners — but without a single mention of The Block.

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“Welcome to LMCT+ World Phillip Island,” Portelli’s competition page declares.

“Five sets of keys, up to five winners, five absolute dream homes ready to be claimed … No cash alternatives. No second chances.”

The timing coincides with Portelli’s confirmation he will defect to Seven’s new show, hosted by Dr Chris Brown with celebrity agent Simon Cohen on the judging panel.

Simon Cohen co-founded Cohen Handler, the same advocacy where Portelli’s former Block ally Nicole Jacobs now heads Victoria.

But while Portelli spruiks the campaign as a “pure coastal takeover”, Melbourne buyers’ agents warn the reality-TV famous homes could quickly turn into financial traps.

LMCT+ has wiped almost all references to The Block in its new Phillip Island home giveaway. Picture: LMCT+ Website

Portelli’s fresh “coastal takeover” comp features five island homes, but not a single mention of The Block until the above tile. Picture: LMCT+ Website

Convergence Buyers Agents director and Melbourne Property Podcast co-host Skye Hammer said his advice to any winner would be blunt: sell.

“The first thing we’d do is find the best local agent, sell it, and roll the money into three or four quality Melbourne assets,” Mr Hammer said.
“The land tax alone on these coastal mega-homes can be astronomical.

“Diversifying into blue-chip suburbs like Bentleigh or McKinnon will always deliver stronger growth.”

Buyers’ agent and property podcast host Skye Hammer warns winners of Portelli’s homes could face crippling land tax and slow sales.

Mr Hammer said Phillip Island lacked the depth to support trophy-home prices.

“Cowes currently has a median of 88 days on market — nearly three months to sell a home — and vendors are discounting by around six per cent to secure a deal,” he said.

“That’s not a recipe for quick gains, these homes were designed for showbiz, not for financial security.

“They look amazing, but from an investment standpoint, they’re liabilities. They’re designed for showbiz, not for financial security.”

Sisters Maddy and Charlotte won The Block 2024 on Phillip Island, where Portelli later snapped up all five homes. Picture: Nine

M R Advocacy director Madeleine Roberts says Phillip Island trophy homes are “liabilities, not investments.”

M R Advocacy director Madeleine Roberts agreed the properties are a very poor investment.

“I wouldn’t see them as an investment at all. It’s completely emotional, there’s no genuine financial upside. If I won one, I’d sell it immediately,” Ms Roberts said.

“A $4m property on the island would attract an annual land tax bill of about $58,000, rising to nearly $85,000 if valued at $5m.

“That’s before council rates, insurance, water and maintenance.

Ms Roberts said if you add Airbnb into the mix, you’re paying cleaning, management, platform fees, and still facing long vacancy periods. People don’t factor in just how expensive it is to hold prestige coastal property.

“Short-stay returns across Cowes average about $250-$300 a night with occupancy barely one-third of the year,” she said.

The Block heads to Mt Eliza in 2026, with homes tipped to fetch stronger long-term growth than Phillip Island.

Portelli has defected to Channel 7’s My Reno Rules, hosted by Dr Chris Brown with Neale Whittaker, Nicole Jacobs and Simon Cohen on the judging panel.

“Even high-end homes rarely exceed 50 per cent occupancy outside peak summer.

“A top-tier holiday home might gross $50,000-$70,000 annually, but once management fees and Victoria’s new 7.5 per cent Airbnb levy are factored in, net income can fall closer to $35,000.

The five Block homes in Cowes last year sold for $2.6m-$3.5m each, despite PropTrack data showing the suburb’s median house price for July 2025 at just $730,000.

Ms Roberts said Channel 9’s rumoured decision to take The Block to Mt Eliza in 2026 made far more sense.

“Mt Eliza has booming demand, supply is tight, and you can’t buy under $1.5m now,” she said.

“The homes will be in one of its best pockets, near top schools and the beach.

“That’s a market that will actually grow.”

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david.bonaddio@news.com.au

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