Adelaide grandfather buys $1.275million home for his family

There is nothing that scares a novice buyer more than seeing a rich, wealthy man with a paddle in his hand on auction day.

But for a sale in a suburb of Adelaide, the older buyer in their midst didn’t just want to supplement his investment portfolio with another rental property.

The elderly gentleman who made the winning bid for the corner plot at 96 Gage Street in Firle in the east of the city had very different plans.

He ultimately spent $1.275 million on the 7,000-square-foot home, but he will never live there himself, nor will he rent it to a tenant.

Instead, the house is a very generous gift to his children and grandchildren.

The man, who was described as a “local buyer,” wanted to give the younger members of his family a better start in life by helping them buy a home.

“A local buyer ended up purchasing the home… a mature gentleman who bought it for his family, to prepare them for their future,” Ray White Woodville agent Peter Kiritsis told Real Estate.com.au.

“He said his children and grandchildren would benefit from this… so they should consider themselves lucky to have someone like him.”

The baby boomer spent $1.275 million on the 7,000-square-foot home, built in the 1960s and decorated in the 1970s

The thoughtful grandfather outbid 11 people for the house, which was built in the 1960s and houses a collection of eccentric wallpapers and carpets from the early 1970s.

Mr Kiritis believed that the house would have been ‘state of the art’ at the time of decoration.

He added that the house reminded many potential bidders of “their grandparents’ house or their aunts’ house … because it’s been so well preserved.”

“When little kids came in, they would take two steps in and their jaws would drop and they would think, ‘where am I? What is this place?’ … so there’s no doubt about it, this was a very special house to sell,” he said.

The four-bedroom, two-bathroom home was described in the property listing as a “conventional family home on a corner lot.”

The average price of a house in Firle has increased by 8.3 per cent over the past 12 months to $1,040,000 and from $717,000 over the past five years.

Over the past month, more than 700 buyers have shown interest in the area, likely due to its proximity to the CBD, yet only nine homes have been sold in the same period.

The baby boomers’ shock move comes just days after it was revealed that a Perth couple had purchased a $1.26 million home for their children, complete with water, city views and an outdoor jacuzzi to live in while they study.

Ray White Woodville agent Peter Kiritsis said the house reminded many potential bidders of their ‘grandparents’ home or their aunts’ home… because it’s been so well preserved’

Mom and Dad’s bank stepped in to help the students after their parents bought the house in Como, a southern suburb of Perth, just 6km from the CBD.

The house has three bedrooms and two bathrooms and is just a 15-minute walk from Como beach.

Ray White South Perth officer Jack Shaw said Domain The house was purchased by a farming family for their sons to live in while they studied in the city.

The buyers paid $1,268,000 for the home at auction on Saturday, beating out seven other bidders.

Students can entertain their friends in the ‘outdoor entertainment area’ or in the ‘private front garden with new lawn’ and catch up on their studies in the outdoor jacuzzi.

The average price of a house in Firle has increased by 8.3 per cent over the past 12 months to $1,040,000 and from $717,000 over the past five years

The house is just a half mile walk from the shops on Preston Street and 0.8 miles from the Angelo Street shopping area.

“Como Beach is highly regarded and the home is in a desirable neighborhood. It is one level and renovated. Plus, there are no realtor fees,” Shaw said.

‘The vendors are purchasing land on the outskirts of Perth and are delighted with the outcome under the hammer and with no strings attached.’