Auction Market Wrap 🗞️ Brothers Brawl Over Auction Price

My Clearance Rate: 3/5 SOLD

Chapters

• 0:00 Siblings Argue Over Auction Price
• 1:14 Wealthy vs Renting Brother Standoff
• 2:34 Inheritance Wars in Migrant Communities
• 4:21 Auction Results Amid Holidays

Transcript

Speaker 1: 0:00

Watching two siblings. Two siblings argue over money in front of me and in front of a crowd. So typical scenario deceased estate parents leave a property, two sons. They can't agree on what figure they're going to accept during the auction. Agree on what figure they're going to accept during the auction. One son turns around and says I'll take the offer that we've been given, even though I wanted an extra hundred, but I'm prepared to actually reduce my expectations and get a deal done today. Close the door, close the story, bring closure to the end of a family home that the kids were brought up in. The other son said no, I'm not reducing. And then he says if you're happy to reduce and accept less as your share, I'm happy to do the deal to bring closure to it, but I want my money.

Speaker 1: 1:13

Here's where the story gets interesting. One of the boys is quite wealthy and one is not, and one is not One, I found out subsequently, owns multiple properties, whilst the other one is renting. Ironically, it's the renter that turned around and said he was happy to accept what was there. The other gentleman actually put it to him and said you take less, but I want my money If you're prepared to give me my share by you subsidising, we'll do the deal. Obviously, that triggered a bit of a heated discussion between the two siblings, between the two siblings stormed off, no deals done. But I'm letting you know one of the things I see as an auctioneer on Saturdays, which is only a small part of my life as I've said to you before, 90% of my life is actually not auctioning but on Saturdays I see things that I think the mum and dad of these two kids would have been turning in their grave.

Speaker 1: 2:34

Money makes people do illogical things and I'm letting you know that we're entering an era, particularly with the migration, that happened. Greeks, italians, lebanese 30, 40, 50, 60 years ago, 70 years ago. Many of these people worked really, really hard, often low-paying jobs, cleaners, et cetera, worked really hard. They saved their money, they bought things, they bought assets, they became wealthy and we've seen their kids now enter the world of inheritance. And what's interesting is watching this play out, even in the community that I come from Greek-Australian. I'm an Aussie born here of Greek heritage, but I can see the arguments that siblings have over money and it's all to do with the way property is split up.

Speaker 1: 3:43

It's going to be fascinating watching the next 10, 15, 20 years. It's something that I just can't understand. I had one brother. Fortunately I lost him young and when I see siblings fight over money it makes me sick that many vendors would have just come up with the conclusion Easter Anzac Day federal election. Let's just wait and go at some point after the election in May. Let me talk to you about the results. Smallest number of auctions I've had as an auction day this year five properties scheduled for auction. Three out of five have sold.