These are the new buyers ready to outbid the super-rich at The Block auctions Phillip Island in 2024

Make way Danny Wallis and Adrian Portelli.

A new challenger is preparing to throw their hat into the ring at The Block auctions this year. But Tom Ormerod is not endeavouring to snap up a luxury holiday home for himself or his family. Instead, he will be bidding on behalf of a syndicate of buyers.

Paradoor, a co-ownership model for Australian holiday homes, launched last month with properties available in Noosa, Byron Bay and Daylesford. If everything goes to plan, Phillip Island will soon join the list.

Under the innovative model, up to eight parties share the legal ownership of a holiday home, with each owner enjoying exclusive access to the home for up to 44 nights each year. Stays are booked via an app, and Paradoor manages the property’s maintenance.

“By reducing the cost to circa $350,000 for eight owners, we hope to make The Block accessible to the fans so that it’s not dominated by the super-rich,” said Tom Ormerod, co-founder of Paradoor.

“It’s time to bring The Block back to the people. For too long it’s been for the billionaires’ club.”

Serial Block buyers Danny Wallis and Adrian Portelli have dominated the auctions in recent years, purchasing a combined total of 15 Block properties.

Wallis, an IT entrepreneur and Melbourne businessman has a reported net worth of $120 million. He bought three out of five Block properties in 2022, 2021 and 2020, as well as several others in previous years. Some have been private property investments, while others have been given to charities.

Meanwhile, Portelli made his fortune through property investing and his online promotions business LMCT+. The 35-year-old is one of Australia’s youngest billionaires, with an estimated net worth of $1.03 billion, according to the 2023 AFR Young Rich List. He bought three Block homes in 2023, spending over $12 million.

To date, there has been no public indication as to whether Wallis and Portelli plan to continue their spending spree at The Block this year, although the pair did attend the Domain Buyers Jury night – an event for prospective buyers – where they looked rather chummy. Other veteran Block bidders include Melbourne buyers’ agents Frank Valentic, Greville Pabst and Nicole Jacobs.

It could shape up to be a competitive auction, given Paradoor has already received interest from several Melbourne families looking to team up to buy.

“We will need a good portion of buyers in place to be able to bid on the day,” Ormerod said, adding the syndicate members would vote on which homes they would be happy to purchase.

“Already we’ve got favourites, but I’ll hold my cards close to my chest.”

He said the Phillip Island holiday houses were particularly appealing because of their expansive common areas and amenities.

“There is no sort of [previous] Block like this – it’s almost like a private compound. It’s incredibly safe for kids to run around. There’s tonnes to do. With all the facilities, it’s an absolutely perfect holiday set up.”

The auction finales are drawing ever closer, with just several interior and exterior reveals left to go to air this season.

This week on The Block, contestants have potential buyers at top of mind for the Domain Listing Challenge and Buyers Jury night.

The teams must clean and style their pads in preparation for the all-important photo shoot. Alongside the images, contestants must submit compelling written copy in an effort to create a standout listing on Domain.

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