A Melbourne father spent $680,000 on a house for his daughter, fearing she may struggle to afford property in the future.
Recently, a devoted father from Melbourne made headlines by investing $680,000 in a house for his young daughter.
Despite her being a school-aged child, the father’s foresight and concern for her future drove him to outbid two other buyers.
Father buys $680K house for school-aged daughter who can’t even live independently yet
His plan is to rent out the beautiful two-bedroom art-deco cottage.
He will do this until his daughter is ready to live there.
The auction began with an opening bid of $630,000, according to co-selling agent Luke Magree.
The determined father successfully completed the purchase at the end of the auction.
‘This home has been an investment property for the last eight years and it presented really well … but it was also very unique,’ Mr Magree said.
‘There’s not too many of those left.’
Magree indicated the property’s unique charm, noting its stained-glass front door and high ceilings.
The home is located on a 600-square-meter corner block in the heart of Frankston.
Projections suggest that the cottage could yield a rental income of up to $520 per week.
Reactions from the public
However, this act of parental care sparked a wave of mixed reactions within the community.
Questions were raised about the increasing pressures on parents in today’s property market landscape.
Some people expressed concerns about a tax system that lets property wealth build up over generations.
We’ve done the same. Bought a lovely villa for our daughter and are currently renting it out. Will put it in her name when she turns 21, one user said.
I’d do it too if I had the means, the second user commented.
Well done, so much better than leaving the money in the bank…. And meanwhile he is receiving an income ! Top job, the third user said.
My son and daughter in law are building me a granny flat. At least now I’ll be paying something off for them, or helping, rather than a strangers mortgage, another wrote.
Good for them we poorer people dont need to know about it, someone said.
Another father also bought a nearly $7M home for his daughter
Amidst the debate, comparisons were drawn to a grand gesture made by a Sydney-based father earlier in the year.
This affluent parent generously gifted his daughter a lavish $6.95 million luxury home in North Bondi, one of Australia’s most affluent suburbs.
The three-storey property on Bonus Street fetched just under its $7 million reserve at auction.