A lawyer from Sydney has bought a house for his five-year-old son to ensure that he has a foot on the property market ladder.
According to the Sydney Morning Herald, property lawyer Dion Vertzayas bought his son Dean an apartment for $710,000 in Points Potts.
Mr Vertzayas said that the property is an early birthday present for his son, who turns six next month. He felt that this was a necessary move to ensure that Dean is not priced out of the property market in the future.
Consumer demand for property in Sydney has been high in recent months as the lowering of interest rates from the Reserve Bank of Australia (RBA) has made home finance more affordable.
However, this has caused house prices to rise in the city as homeowners and investors scramble to buy up properties. As a result, industry experts have raised concerns that first home buyers might be being priced out of the market.
Posted by Steve Douglas