There was more to The Block 2024 auctions than shown on screen, an auctioneer on the show claims. Pictures: Channel 9
One of the leading auctioneers who called bids on The Block Grand Finale has revealed behind the scenes moments that were pivotal in the final outcome, saying the auctions did not “match reality”.
Industry veteran Tom Panos has been a regular on the show in recent years, becoming the most successful auctioneer in the program’s history, but noted that pre-auction meetings dictated the bidding.
“The auctions on The Block are nothing like what you’d see on a Saturday morning in Sydney or Melbourne,” he said.
“Normally the bidders are buying a home to live in or an investment property. Most of the bidders on The Block are there for the media attention and commercial opportunities.
“I had pre-auction meetings with all the bidders to establish their reasons for being there. Most were there for their brand … we discussed how their bidding could help their (brand).”
MORE: Lambo Guy sweeps Block auctions
Auctioneer Tom Panos and Block buyer Adrian Portelli have links outside the show.
MORE: Portelli’s exorbitant Vic gov land tax bill revealed
Mr Panos explained that an agreement had been reached where registered buyers who made strong bids would be rewarded with brand mentions during the auction.
They were also advised where to stand to get the most of the potential media spotlight, according to the auctioneer.
Mr Panos, who called the auction for Grant and Courtney, also had a meeting with Adrian Portelli, the buyer of all five properties featured on the show. The two have a business relationship.
“I call a lot of auctions for his business,” he said.
“I already knew the two girls’ (Maddy and Charlotte) property was going to win because Adrian wanted them to win. He had an emotional connection to the two girls.”
MORE: Portelli’s shock admission after Block bonanza
Tom Panos drops the gavel on Grant and Courtney’s property.
Mr Panos speculated that other celebrity buyers who have made strong bids in previous years, such as Danny Wallis, may not have bid as fiercely this year because there was a perception they would struggle to share the limelight with Adrian Portelli.
“There’s usually only one buyer who gets in the spotlight each year. Buying the properties doesn’t make as much sense if there isn’t the chance to get the exposure from it.”
None of the prices paid at auction matched the market value of the actual properties, according to Mr Panos.
“It will take years till the market value of these properties catches up with the prices paid,” he said. “My own due diligence suggested they were worth about $1.5m-$1.9m.
“The best use for them might be for someone who wants to be a mini-Elon Musk and have their own compound near the beach with friends and family. There is not as much value for them individually.”
MORE: Aussie suburbs primed to make you quick money
Adrian Portelli congratulates contestants Maddy and Charlotte. Pictures: Channel 9
MORE: Why Trump win will cost Aussies money
Mr Panos said bidders were advised to make “hammer blows” at auctions to get as much media attention as possible.
“I told all the bidders that if they were going to make a bid and wanted media attention, you have to give strong bids and I will reciprocate with a shout out of who you are.
“The Block auctions have become their own world of celebrity buyers. I have learnt the system. It’s nothing like a normal auction and so much happens that you don’t see in the edit.
MORE: Debt traps: suburbs with worst mortgage debt
Mr Panos said the value of the properties was for someone who wanted to be a mini-Elon Musk and own a beach compound.
“It’s obviously worked very well for Adrian Portelli. When I first met him a few years ago he was a relatively unknown millionaire. Now he’s a billionaire. You have to agree that the exposure on The Block has been a huge part of that.”
The post The Block auctioneer reveals bidding secrets behind scenes appeared first on realestate.com.au.
