Incredible way you could own a home on The Block for just $350k

Become an owner of one of the spectacular Phillip Island homes featured on the hit TV reno series — no billionaire budget required!

The Block fans have an opportunity to buy into one of this season’s luxury renovated properties from just $350,000.

Budget-minded buyers can apply to be part of a syndicate of up to eight potential owners of one of the Phillip Island homes featured on the series, under a new scheme set to give the show’s billionaire bidders a run for their money.

Melbourne entrepreneurs Tom Ormerod and Oliver Howard are gearing up to bid at the November auctions of The Block 2024’s five luxury family homes.

Paradoor founders Oliver Howard and Tom Ormerod will bid on one of The Block houses

The pair are founders of Paradoor, a company offering co-ownership of holiday homes under a unit trust structure, with a single share allowing the buyer to spend 44 nights a year at the property.

Mr Ormerod, 46, said they were “running against the clock” to finalise a consortium ahead of The Block auctions, which would be contested by regular bidders, Adrian Portelli and Danny Wallis.

“We are going to have to work on a bidding strategy to knock these guys out, that is for sure,” Mr Ormerod said.

“You might see me in a penguin suit.”

This year’s show follows four couples transforming holiday homes on Phillip Island. Picture: Supplied/Facebook

If successful at auction, Mr Ormerod said The Block house could be opened up to an even wider pool as a potential holiday rental, when it was not in use by the co-owners.

“Very few people are able to experience The Block as the houses are typically bought by these billionaires as investments,” he said.

House 5, renovated by Adelaide couple Mimi and Kristian Belperio, is tipped to be a hot favourite under the hammer in the series finale.

An Australian first backed by investment from former Airbnb country manager, Sam McDonagh, Paradoor’s co-ownership model follows a wider global trend embraced in the US and Europe.

Billionaire bidder Adrian Portelli has bought a string of other properties featured on The Block

Mr Ormerod previously co-founded luxury accommodation provider Luxico, which manages some homes featured on past seasons of The Block, while Mr Howard is a former lawyer and venture capital investor.

“It just doesn’t make any sense to own a holiday home on your own any more. The costs are prohibitive, an avalanche of new regulations restrict short term rentals and usage is declining,” Mr Ormerod said.

Mr Howard said Paradoor made owning a holiday home more accessible by giving owners access to a luxury lifestyle at a fraction of the cost.

The Block’s House 5 by Adelaide couple Kristian and Mimi Belperio is tipped to be hot under the hammer

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“The beauty of the Paradoor model is that it allows owners to pay proportionately to the time that they have access to the property,” Mr Howard.

“Holiday homes are on average only used 35 nights per year – why would anyone want to pay 100 per cent costs for only 10 per cent usage?”

Unlike timeshare models which offer only a right to use a property, Paradoor is a genuine asset ownership structure under a unit trust, allowing ownership rights and the benefit of any capital appreciation upon exit.

Paramoor currently manages luxury properties in Queensland, NSW and Victoria.

Mr Ormerod (left) said they were devising a competitive bidding strategy

Originally published as Incredible way you could own a home on The Block for just $350k