diff --git a/.changeset/rotten-seals-train.md b/.changeset/rotten-seals-train.md
new file mode 100644
index 000000000000..efbaaba471d9
--- /dev/null
+++ b/.changeset/rotten-seals-train.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: hmr infinite loop with await in template (#17369)
diff --git a/packages/svelte/src/internal/client/reactivity/batch.js b/packages/svelte/src/internal/client/reactivity/batch.js
index 6f941c7ff231..49928d7104de 100644
--- a/packages/svelte/src/internal/client/reactivity/batch.js
+++ b/packages/svelte/src/internal/client/reactivity/batch.js
@@ -237,7 +237,10 @@ export class Batch {
 				} else if (async_mode_flag && (flags & (RENDER_EFFECT | MANAGED_EFFECT)) !== 0) {
 					target.render_effects.push(effect);
 				} else if (is_dirty(effect)) {
-					if ((effect.f & BLOCK_EFFECT) !== 0) this.#dirty_effects.add(effect);
+					// only track block effects when deferred to prevent infinite HMR loops (#17369)
+					if ((effect.f & BLOCK_EFFECT) !== 0 && this.is_deferred()) {
+						this.#dirty_effects.add(effect);
+					}
 					update_effect(effect);
 				}