Auctioneer Tom Panos, who appeared on several seasons of The Block, said it didn’t yield the returns many would think.
It’s billed as Australia’s biggest auction day, but behind the scenes at The Block, the people calling and making deals say the financial rewards of appearing on the show are minimal.
In a surprise revelation, star auctioneer Tom Panos has claimed he loses money every year appearing on Channel 9’s hit renovation show.
This was despite the fact that bids had been submitted regularly for the winning property over several seasons.
With the spring selling season in full swing, Mr Panos can call up to 15 auctions in the much more expensive Sydney market, each fetching about $2,000 or about $30,000 for a day’s work.
On The Block it’s one auction, one chance. And that’s it.
“It’s a huge sacrifice,” Panos told The Daily Telegraph. “You’re giving up an entire Saturday. Then there’s the travel. It’s not worth it.”
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The Daylesford home of The Block contestants Han and Can has hit the market as a regular listing after entering an auction.
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Mr. Panos said his experience in the chaotic 2024 season, when billionaire entrepreneur Adrian Portelli stunned viewers by buying all five houses, made him swear off the series for good.
He explained that he was convinced to return this year by participants Robby and Mat, who he empathized with and wanted to help. He called their auction during the finals, where the participants made a profit of approximately $100,000.
“(Robby and Mat) were the only reason I said yes,” Mr. Panos said, adding that he would prefer not to return to the show next year.
“It will depend on the participants, but probably not,” he said.
It’s not just the auctioneers who are feeling the pressure. Several real estate agents featured in the 2025 season said Channel 9’s emphasis on setting high reserves made it difficult to close a deal.
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Block participants Emma and Ben were used as a sample image on the advertisement for their property after it was put up for auction.
Agents involved in the sale said buyer feedback before the auction had suggested reserves in the region of $2.6 million and $2.7 million would be more realistic.
Instead, the network set reserves at an astonishing $3 million. The Daylesford market had just three sales above that figure before the show, one of which was retail zoned, the listings data showed.
Kim McQueen, principal of McQueen Real Estate-Daylesford, the agent for Mat and Robby’s home, said Channel 9 never explained their insistence on $3 million in reserves.
“All the agents at the auction were very disappointed with the reserves. We asked for them to be reduced, but (Channel 9) said no.”
Buxton Ballarat director Mark Nunn, the agent who sold the home of show winners Britt and Taz, said agents involved in The Block auctions had urged Channel 9 to lower reserves.
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Participants Robby and Mat have expressed their frustration with the amount they got from their renovation.
“If they had reserves closer to $2.6 million and $2.7 million, they would have had five sales,” Nunn said.
Defenders of the show’s decision to set a high reserve had argued that investors see value in the tax depreciation schedules that come with the homes.
This allows investors to make tax claims of up to $5 million over a ten-year period on the expensive furniture included in the sale.
The problem is that this benefit only extends to those who plan to rent out the properties; owner residents who registered to bid would not be able to claim the generous tax incentives.
In a brutal twist, the officers behind the two properties passed – Han and Cam’s and Emma and Ben’s homes – now risk walking away empty-handed.
Participants Han and Can saw their house at auction without making a single bid. .
If a house doesn’t sell under the hammer, the brokerage agreement for homes on The Block would be reset, meaning a new agreement would have to be reached between agent and seller.
Currently, Channel 9 has the same agents apprehending properties listed on the open market, but local agents said time was running out
“Trying to get a property that ends up on The Block (at auction) and then selling it is a huge challenge. They stay on the market for months,” Mr Panos said.
“The data doesn’t look good for properties that aren’t selling on The Block. They’re not getting a good price.”
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