Parents in a major Australian city have shelled out $1.26 million for a home with water and city views and an outdoor hot tub for their children to live in while they go to university.
The Bank of Mum and Dad helped the university 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 agent Jack Shaw said Domain The house was purchased by a farming family for their children to live in while they attended college in the city.
Buyers paid $1,268,000 for the home at Saturday’s auction, beating out seven other bidders.
The property was advertised as: ‘An enviable lifestyle awaits the lucky buyer of this cosy, renovated and immaculately maintained abode.’
‘This property is situated in an elevated street-front position on Comer Street in the highly sought-after beach area of Como.’
The house features a spacious master bedroom with fitted wardrobes, open-plan country style kitchen and dining area, double lock-up garage, reverse cycle ducted air conditioning and a log burning fireplace, “perfect for those cosy winter evenings”.
University students will be able to entertain friends in the ‘outdoor entertainment area’ after their parents bought the Perth home for $1.26 million.
College students can entertain friends in the “outdoor entertainment area” or on the “private front patio with new grass” and catch up on their studies in the outdoor hot tub.
The house is just a half mile walk from Preston Street shops and 0.8 miles from Angelo Street shopping district.
“Because Beach is so well regarded and the home is in a highly sought after area, it is single level and renovated, plus there are no ownership fees,” Shaw said.
‘The sellers are buying land on the outskirts of Perth and are very happy with the result under the hammer and with no strings attached.’
Mr Shaw said there is a shortage of property listings in the Como area of Perth.
Ray White has released new data revealing that Perth is now Australia’s fifth most expensive property market.
The three-bedroom Perth home features a wood-burning fireplace – “perfect for those cosy winter nights” – as well as an outdoor hot tub and views of the water and city.
The report said the city’s property market is experiencing price growth that outpaces that of Brisbane, Sydney and Melbourne.
Despite price increases in the WA regional market, it has remained below the $500,000 median.
The Ray White House Price Report found that the median price of Perth media companies increased by 3.6 per cent month-on-month and 26.7 per cent over the past year.
The median house price is $821,093, meaning properties in Perth rose by $985.31 per day, over a 30-day month.
The Commonwealth Bank’s latest quarterly economic report released in June said: “The housing market in Perth is on the up but from a lower base due to weak long-term performance, meaning housing affordability remains comparatively better than in other cities despite recent price increases.”