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.
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.
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
