A father bought a five-bedroom terrace worth $2.7 million so his daughter and her four friends could have a place to live and rent.
The three-storey house is located on a 160 square meter block on Arundel Street in Forest Lodge, Sydney city centre.
The property also has three bathrooms, a car park and is just 250 meters from the University of Sydney.
The house was auctioned on Saturday with three registered bidders placing bids.
The three-storey house is located on a 160 square meter block on Arundel Street in Forest Lodge, Sydney city centre.
The house went up for auction for $2.7 million on Saturday.
Bidding started at $2 million and the house sold in just ten minutes.
Two of the bedrooms have ensuite bathrooms, and Domain’s listing describes them as having high ceilings and large, spacious bedrooms.
The terrace is also around the corner from a cafe hub, The Forest Lodge Hotel, and has “excellent” transport links into the city.
Ray White Erskineville estate agent Matthew Carvalho said the sale went better than they expected.
“It was better than we thought it was going to be, which shows the strength of the market at the moment,” he told Daily Mail Australia.
“It’s a modern house, many of the other houses in the area are period houses so they don’t sell as much as a Victorian property.”
Carvalho said the best feature of the house was the large sizes of the rooms.
The father is not the first father to spend big for his children: another family buys a $3.8 million house in Paddington for their three children.
The terrace has three levels and three bathrooms.
Agent Matthew Carvalho, of Ray White Erskineville, said the sale went better than they expected.
The house was vandalized by the father in February 2023, after his two sons and daughter, all in their 20s, searched unsuccessfully for a rental property in the same area.
Australia’s median property price of $759,437 in January was 7.6 times the national full-time average of $99,174, including bonuses and overtime.
Sydney is the most expensive property market in the world, after Hong Kong, when comparing property prices to income.
The city’s median unit and home price of $1.122 million in January was 11.3 times the median full-time salary of $98,675 in New South Wales.
But Hobart is still relatively expensive, with a debt-to-income ratio of 7.5 based on a median home price of $651,807 and a lower median full-time salary of $86,819.
This jumped to 7.7 based on Tasmania’s average full-time salary of $84,203 before bonuses.