Tom Panos has claimed in a recent video that a bidder confronted him after an auction. Photo: Tom Panos Real estate training on YouTube.
Auctioneer Tom Panos has revealed how an auction turned ugly this weekend in a fiery YouTube video, in which he also blamed Prime Minister Albanese for “making Australia’s housing problems worse”.
A frustrated buyer is said to have threatened Mr Panos on Saturday after an auction.
“I almost had a buyer knock me out,” he said in the video.
“A buyer walked away from an auction angry and yelled at me for one simple reason: he didn’t buy the property.
“They didn’t buy the property because they were outbid, and as I was walking to my car he started.”
Mr Panos said the scolded bidder blamed him and other auctioneers for “inflating prices”.
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Panos says blaming auctioneers for rising property prices is “like blaming the weatherman for the rain”. Photo: John Appleyard.
In the video, Mr. Panos said he told the aggressor that he was not responsible for the state of the housing market.
“Blaming me for the price that property sold for,” he said, “would be like blaming Tim Bailey, the weatherman, for the rain.”
“It would be like blaming the Uber driver for the traffic. Be realistic.”
Panos then argues in the video that Prime Minister Anthony Albanese is responsible for driving up house prices with policies like the First Home Guarantee Scheme.
“Anthony Albanese is not making Australia’s property and housing problems better, but worse,” he said.
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Panos has blamed Prime Minister Anthony Albanese for driving up house prices. Photo: AP Photo/Evan Vucci.
Mr Panos also brings up how many people do not understand the guarantee scheme, especially at auctions.
According to Mr Panos, bidders using the scheme to buy a house at auction will need prior permission from the sellers.
“You can use the five percent down payment, but if you go to an auction it’s a 10 percent down payment,” he said, referring to the common auction requirement that often requires buyers to pay 10 percent of the price immediately after purchasing the home.
“Just because Albo said you can buy a property with 5 percent, you still have to get approval from the other party.
“Have your attorney speak to the seller’s attorney. They usually agree.”
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Notably, Panos was the auctioneer of several of The Block’s final auctions.
Mr Panos said first home buyers should be “conscious” about being able to afford loan repayments, claiming that struggling buyers should not even try to buy.
“If you’re cutting corners to get 5 percent, I don’t think you should buy a property,” he said, adding that the other costs associated with buying a property, such as attorney fees, “add up.”
Panos also revealed some information showing that more supply was entering the market.
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VFX Print Group on Parramatta Rd, Leichhardt via Google Street View.
“The flagship company VFX had its record week last week,” he said.
“Real estate banner companies like VFX are very good indicators of what is happening with inventory levels.
“A record month of orders for signs, that tells me that there are a lot of shares on the market.”
According to Mr Panos, this so-called additional supply will keep aggressive price increases in check and prevent the market from “going absolutely crazy”.
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