A Melbourne father has shelled out $680,000 to buy a house for his school-aged daughter over fears she will not be able to afford property in the future.
The father, who outbid 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 out.
Co-sale agent Luke Magree said The age that bid started at $630,000, before the determined father ended up sealing the deal.
“This house has been an investment property for the last eight years and was presented very well… but it was also very unique,” Mr Magree said.
“There aren’t many of those left,”
The cottage features a stained glass front door and high ceilings, located on a 600m2 corner block in the heart of Frankston.
It is expected to rent for up to $520 a week.
The sale left some people wondering if the parents were going too far.
Determined father bought 1 Rodney Court for his school-age daughter
‘Has the pressure on parents ever been greater?’ one person wrote.
‘As if it wasn’t hard enough to buy our own houses, now we have to buy them for our school-aged children?’
Another added: ‘The system is broken. How can we sustain a tax regime that allows people to hoard land for generations?
‘This speculator will live off the wages of his tenants while he waits for his daughter to be old enough to join the ‘rich’.’
A third asked if anyone else was “offended by this.”
‘Sure, of course, take care of your children, but at what cost?’ said.
Another added: ‘Buy houses for children who haven’t finished school. What’s next, buying houses for grandchildren and great-grandchildren yet to be born?
Rodney Court property number 1 sold for $680,000
1 Rodney Court to be rented until new owner’s daughter is old enough to move out
However, Frankston’s sale falls well short of what a generous Sydney dad splashed out earlier this year.
He gifted his daughter a $6.95 million luxury home in one of Australia’s most expensive suburbs, North Bondi.
The three-story Bonus Street property sold at auction for just under the reserve $7 million.
Despite snapping up the coveted home, he was expected to hand over the keys to the four-bedroom property to his daughter.
