Social media has gone wild after it was revealed a Sydney dad bought his kids a $3.8 million home after getting fed up with the rental market.
The property agents Catherine Dixon and Will Hesketh from PPD Real Estate told the Australian Financial Review the buyer of the four-bedroom terrace house in the exclusive Sydney suburb of Paddington, purchased the home so his three kids could use it as a share house.
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“There’s a terrible shortage of rental properties. A father decided – he had two sons and a daughter, all in their 20s – because nobody would rent to them in Paddington, he said, ‘I’ll buy you a house’. They’re all moving in. That’s their new share house,” the agents said.
Unsurprisingly, Aussies took to social media to express their frustration with the fact not everyone can be so fortunate.
fed up with renting? have you considered just asking your dad to buy you a $3.8 million house? pic.twitter.com/sy8jh0gs7w
— chandi (@chandibates) February 13, 2023
“My dad owns a house worth $350k in a regional area. I don’t think he’s buying me anything,” one Twitter user commented.
“No one truly appreciates how hard life gets when you're down to your last few million dollars,” another said.
But others were quick to defend the move, pointing to the fact that the kids may be paying off the mortgage with their rent payments, and the property could be a good investment.
“I guess dad is able to manage the mortgage? Hopefully the three siblings are going to repay dad out of their monthly income to help pay the mortgage off faster. Some dads are amazing,” one user said.
“If you have the capital, with this kind of inflation and history of monetary policy it might actually be more productive than renting. What if this property increases by 50 per cent in value? Surely it must have at least doubled in the last 10 or so years,” another wrote.
House prices surged 47 per cent during COVID-19, but have fallen around 10 per cent this year. Most of those price falls have been felt in more high-end suburbs, according to data from CoreLogic.