A Melbourne father spent $680,000 to buy a house for his school-aged daughter because he feared she would not be able to buy property in the future.
The father, who outsold two first-home buyers at an auction on Saturday, plans to rent out the two-bedroom Art Deco cottage until his daughter is old enough to move in.
Fellow sales agent Luke Magree shared The era that offer started at $630,000 before the determined father finally closed the deal.
“This house has been an investment property for the last eight years and it presented itself very well… but it was also very unique,” Mr Magree said.
‘There aren’t that many left’
The cottage has a front door with stained glass windows and high ceilings, situated on a 600 sqm corner block in the heart of Frankston.
It is expected to rent for up to $520 per week.
The sale left some people wondering whether parents were going too far.
A determined father bought 1 Rodney Court for his school-age daughter
‘Has the pressure on parents ever been so great?’ wrote one person.
“As if it’s not hard enough to buy our own houses, now we have to buy them for our school-aged children too?”
Another added: “The system is broken. How can we maintain a tax regime that has allowed people to hoard land for generations?
“This speculator will have to live off the wages of his tenants while he waits for his daughter to be old enough to join the haves.”
A third asked if anyone else was “offended by this.”
“Sure, by all means take care of your children, but at what cost?” he said.
Another said: ‘Buying houses for children who have dropped out of school. What now, buy houses for grandchildren and great-grandchildren who haven’t even been born yet?’
The property 1 Rodney Court went under the hammer for $680,000
1 Rodney Court will be rented out until the new owner’s daughter is old enough to move in
However, sales in Frankston are still well behind what a generous Sydney dad spent earlier this year.
He gifted his daughter a luxury home worth $6.95 million in one of Australia’s most expensive suburbs, North Bondi.
The three-storey property on Bonus Street sold at auction for just under its $7 million reserve.
Despite securing the sought-after home, he was expected to hand over the keys to the four-bedroom property to his daughter.