Auctioneer Tom Panos, who has appeared on multiple seasons of The Block, said it didn’t deliver the return many would think.
It’s billed as the biggest auction day in Australia – but behind the scenes of The Block, the people calling and closing deals say the financial rewards of appearing on the show are minimal.
In a bombshell revelation, star auctioneer Tom Panos has claimed he actually loses money every year by appearing on Channel 9’s hit renovation show.
This was despite having frequently called bids on the winning property over multiple seasons.
With the spring selling season in full swing, Mr Panos can call up to 15 auctions across the much higher priced Sydney market, each fetching a fee of around $2,000 – or about $30,000 for a day’s work.
On The Block, it’s one auction, one shot. And that’s it.
“It’s a huge sacrifice,” Mr Panos told The Daily Telegraph. “You give up an entire Saturday. Then there’s the travel. It’s not worth it.”
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The Daylesford house of The Block contestants Han and Can has hit the market as a regular listing after passing in at auction.
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Mr Panos said his experience on the chaotic 2024 season, when billionaire entrepreneur Adrian Portelli stunned viewers by buying all five homes, left him swearing off the series for good.
He explained that he was convinced to return this year by the contestants Robby and Mat, who he empathised with and wanted to help. He called their auction during the finale, with the contestants getting a profit of about $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 would depend on the contestants, but probably not,” he said.
It’s not just the auctioneers feeling the pinch. Several real estate agents who featured on the 2025 season said Channel 9’s insistence on setting high reserve made it difficult to seal a deal.
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The Block contestants Emma and Ben have been used as the preview image on the listing for their property after it was passed in at auction.
Agents involved in the sales said buyer feedback before auction had suggested reserves in the vicinity of $2.6m and $2.7m would be more realistic.
Instead, the network set the reserves at a jaw dropping $3m – the Daylesford market had only three sales above that figure prior to the show, one of which had retail zoning, listings data showed.
McQueen Real Estate-Daylesford director Kim McQueen, the agent for Mat and Robby’s home, said Channel 9 never explained their insistence on $3m reserves.
“All the agents at auction were very disappointed with the reserves. We requested they be lowered 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 set the reserves lower.
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Contestants Robby and Mat have expressed frustration with the amount they got from their renovation.
“If they had reserves closer to $2.6m and $2.7m, they would have had five sales,” Mr Nunn said.
Defenders of the show’s decision to set high reserve had argued that investors see value in the tax depreciation schedules provided with the homes.
These allow investors to make tax claims of up to $5m over 10 years on the pricey fittings on furniture included in the sales.
The problem is that this benefit only extends to those with plans to rent the properties out – owner occupiers who had registered to bid would not be able to claim the generous tax incentives.
In a brutal twist, the agents behind the two passed-in properties – the homes of Han and Cam and Emma and Ben – and now risk walking away empty-handed.
Contestants Han and Can saw their home passed in at auction without attracting a single bid. .
When a home fails to sell under the hammer, the agency agreement for homes on The Block were reported to get reset, meaning a new agreement would have to be reached between agent and seller.
At the moment, Channel 9 has kept the same agents on properties, which have seen been listed on the open market, but local agents said time was running out
“Trying to get a property that (passes in at auction) on The Block to sell afterwards is extremely challenging. They stay on the market for months,” Mr Panos said.
“The data doesn’t look good for properties that don’t sell on The Block. They don’t get a good price.”
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