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AU Hell no, I won't go a cent lower, says Nick Papadopoulos

Property Here - Saturday, April 20, 2013

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Nick Papadopoulos

Nick Papadopoulos has had his house on the market for about 700 days in Redfern / Pic: Adam Taylor Source:The Daily Telegraph

HE'S Sydney's most determined seller. Nick Papadopoulos has had his house on the market for nearly two years but he refuses to budge a cent on the price.

It has failed to sell after two auctions, three different agents, countless open-for-inspection days and even a feature spot on a reality renovation television show.

Then there have been the inevitable changes in the Sydney property market and the dramatic movements in interest rates.

But Mr Papadopoulos, 73, reckons his three-bedroom two-storey terrace house in tree-lined George St, Redfern, is worth every bit of its $839,000 price tag. After 688 days on the market, he said the house is just waiting for the right buyer.

"I don't know why it doesn't sell. I suppose I just need to wait for a buyer. I don't worry about inspections or anything, I just live my life, I don't change anything in the house," he said.

The retired engineer has even tried to sell it himself, with a home-made sign out the front.

The sign only attracted a couple of unsatisfying offers but it did draw the attention of the popular renovation-focused program Selling Houses Australia in 2011 and the house featured in the Logie award-winning show's fifth season.

Mr Papadopoulos, who bought the tired old terrace for about $60,000 in the early 1980s, parted with approximately $30,000 for the TV show's renovation blitz.

Interior decorator Shaynna Blaze ripped out the old kitchen and replaced it with a stainless steel modern look, painted every room and the exterior, added carpet and floorboards, moved the toilet inside and even the courtyard had a makeover courtesy of landscaper Charlie Albone.

The show's ex-real estate agent host, Andrew Winter, estimated at the time a more appropriate price would be about $750,000. When told the house was still on the market for $839,000, he said: "I'm not surprised."

According to RP Data property statistics, the average time on the market for houses selling in Sydney is 77 days and over the past 12 months the median sale price for Redfern is $805,000, up from $746,250 in 2009.

Marc Marano of Oxford Real Estate has recently taken over the task of selling Mr Papadopoulos' home and, although an auction late last year was unsuccessful, he said there was hope.

The house will be open for inspection today between 10am and 10.30am.

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