Bidding showdown is a surprising Greek family affair

·

Members of the Markakis family unwittingly entered a bidding war with each other for a grand terrace in Stanmore when it went under the hammer.

The five-bedroom, multi-level home on Cavendish St eventually sold at auction for $2.37 million on Saturday, $170,000 over the reserve price.

There were six registered bidders but only two took an active part in the auction, firing off more than 40 bids before auctioneer Ricky Briggs dropped the hammer.

It was only after the auction that the winning buyers realised the underbidders, who had been wearing hats and sunglasses while bidding, were family.

Auctioneer Ricky Briggs received more than 40 bids at the auction of a Stanmore house on Cavendish St. Picture: Julian Andrews I realestate.com.au

Buyer Anthony Markakis, whose father bid on his behalf for the latter part of the auction, said they had no idea they were up against their family.

His father was heard apologising to the underbidders after the auction and said he may have bid differently if he had known who we was up against.

Mr Markakis said he and his partner liked the home because of the scope for improvement and had been looking for a renovation project. “I liked the size, the character. There’s lots of potential. Now we have to get thinking, see what’s feasible,” he said.

Stanmore terrace. Picture: Julian Andrews I realestate.com.au

Selling agent Blake Lowry of Belle Property-Annandale said the sellers were elated with the result.

The property attracted a mix of novice renovators and experienced builders. More than 80 groups inspected the property, Mr Lowry said. “It is a large house for the area and big block,” he said, adding it would cost at least $250,000 to renovate.

“There were a mix of budgets. Some might have done it for $500,000, you could probably spend even more,” Mr Lowry said.

The property was one of close to 500 Sydney homes to go under the hammer this week.

Sourced: realestate.com.au

greek film festival melbourne

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

‘Una Faccia, Una Razza’: The politics of memory and the power of saying ‘OXI’

The annual homage to “OHI” Day stems from Greece's Prime Minister Metaxas firmly stating “OHI” (NO) to Mussolini's request.

The Master Miller and the art of olive oil perfection

The Master Miller’s mission has its roots in a philosophy that begins at the olive tree and reaches the heart of those who seek quality.

Brain regain: For the first time in 14 years, more people return to Greece than leave

For the first time in over a decade, Greece is witnessing a positive migration balance as more Greeks return home than emigrate.

When everyday Greeks said OXI: Resistance and survival during World War Two

“Aera!” (Air!) roared Greek soldiers as they clawed over jagged rocks on the brutal Pindus Mountains during Italy’s 1940 invasion.

Botanical Park of Crete: Rooted in fire, inspiring hope

The October 2003 fire started with electrical cables in a village near the Marinakis family’s olive groves.

You May Also Like

Team Greece storm into the United Cup Perth City final

Team Greece are through to the United Cup City Finals in Perth, Western Australia after Maria Sakkari defeated Belgium's Elise Mertens.

Australia’s Greek schools pump up hygiene measures to protect students

Greek schools across Australia have lifted their hygiene standards in order to reduce the potential risk of COVID-19 transmission.

Ange Postecoglou linked to Nottingham Forest job

Greek Australian coach Ange Postecoglou has once again been thrust into the spotlight after being linked with the Nottingham Forest job.