An Australian father who bought his 10-year-old daughter a $680,000 home says he did so to secure his future amid Australia’s deepening housing crisis.
When she is old enough to move out, 10-year-old Victoria will be given the keys to her home in Frankston, 54 kilometers southeast of Melbourne’s CBD.
His father, Bernhard Walther, paid $580,000 for the two-bedroom house at an auction in October, outbidding two first-time homebuyers.
But he’s not sure if Victoria is fully aware of what the purchase means for her future.
“I think she knew it when we said it, but I’m not sure she really recognized it.” I think that children his age, later on, will no longer be able to buy anything,” said Mr. Walther. The age.
“I think a lot of people are (buying property for their kids) and I think it’s smart to do it if you want to take care of your kids.”
The family has no mortgage on their current home and spent four years watching the market before moving into the Frankston home.
Walther believes property prices will continue to rise as record highs and a severe lack of supply combine to create a worsening housing crisis in Australia.
Bernhard Walther (pictured) and his wife paid $680,000 for a two-bedroom house in the Melbourne suburb of Frankston for their ten-year-old daughter.
The two-bedroom home is described as “a charming cottage with character, 10-foot ceilings and art deco details in the heart of Frankston” in the online listing.
Walther said given the state of the Australian property market, she doubts her daughter will be able to buy a home in the future. The photo shows the property that the 10-year-old boy will inherit.
They plan to rent the property to tenants before Victoria is old enough to move out.
The home was described in the property listing as “a charming cottage with character, 10-foot ceilings and art deco details in the heart of Frankston…perfectly blending vintage charm with modern conveniences.”
In the past four years, the median price of a two-bedroom home in Frankston has increased from $480,000 to $580,000.
The house has two bedrooms, one bathroom, sunroom, separate dining room, stained glass front door, double garage and is located on a 600 square meter plot within walking distance of Frankston train station, a beach, TAFE local and a shopping center.
In November, a father shelled out almost $3 million to buy a home in Sydney’s inner west and quickly handed the keys to his daughter.
The father bought the four-bedroom house at 10 Murray Street in Marrickville for $2.912 million just 30 minutes after first inspecting it.