‘Nearly punched me out’: Panos auction turns ugly

Tom Panos has claimed in a recent video that a bidder confronted him after an auction. Picture: Tom Panos Real Estate Training on YouTube.

Auctioneer Tom Panos has revealed how an auction turned ugly on the weekend in a fiery YouTube video, during which he also blamed Prime Minister Albanese for making “the housing issues Australia has worse”.

A frustrated buyer allegedly threatened Mr Panos following an auction on Saturday in Guildford, Western Sydney.

“I nearly had a buyer punch me out,” he said in the video.

“A buyer walked away from an auction angry, screaming at me, for one simple reason – they didn’t buy the property.

“They didn’t buy the property because they got outbid and then as I walked to my car, he started.”

Mr Panos said the berated bidder blamed him and other auctioneers for “pushing the prices up”.

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Panos says blaming auctioneers for increasing property prices is “like blaming the weatherman for the rain”. Picture: John Appleyard.

In the video, Mr Panos said he told the aggressor he was not to blame for the state of the housing market.

“Blaming me for the price that 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. Get real.”

Panos then argues in the video that Prime Minister Anthony Albanese is to blame for pushing housing prices up with policies like the First Home Guarantee Scheme.

“Anthony Albanese is making the property problem and the housing issues Australia has not better, worse,” he said.

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Mr Panos has levelled the blame at Prime Minister Anthony Albanese for pushing up house prices. Picture: AP Photo/Evan Vucci.

Mr Panos also brings up how many people do not understand the guarantee scheme, particularly at auctions.

According to Mr Panos, bidders using the scheme to buy a home at auction need prior approval from the vendors.

“You can use the five per cent deposit but when you go to an auction, it’s a 10 per cent deposit,” he said, referencing the common auction requirement where buyers are often required to pay 10 per cent of the price immediately after purchasing the home.

“Just because Albo has said you can buy a property with 5 per cent, you still need to get the approval from the other party.

“Get your solicitor to speak to the vendor’s solicitor. Most of the time they agree.”

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Panos has notably been the auctioneer for several of The Block’s finale auctions.

Mr Panos said first home buyers should be “mindful” of being able to afford loan repayments and claimed that struggling buyers should not even be looking to buy.

“If you’re scrimping to get 5 per cent, I don’t think you should be buying a property,” he said, adding that the other costs involved in purchasing a property like solicitor fees “add up”.

Panos also revealed some information which suggested that more supply was being introduced to the market.

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VFX Print Group on Parramatta Rd, Leichhardt via Google Street View.

“The signboard company VFX had its record week last week,” he said.

“Real estate signboard companies like VFX are very good indicators of what’s happening with stock levels.

“A record month of signboard orders coming in, that says to me there’s a lot of stock that’s about to hit the market.”

According to Mr Panos, this alleged added supply will keep a lid on aggressive price rises and prevent the market “going absolutely crazy”.

The post ‘Nearly punched me out’: Panos auction turns ugly appeared first on realestate.com.au.