Dad proves you can put a price on love and buys a $2.7 million stock house for his daughter and her four friends
A father bought a $2.7 million five-bedroom terrace so his daughter and her four friends could have a place to live and rent.
The three-storey house sits on a 160 square meter block on Arundel Street, in Forest Lodge, inner-city Sydney.
The property also features three bathrooms and parking and is just 250 meters away from the University of Sydney.
The house went under the hammer on Saturday when three registered bidders submitted bids.
The three-storey house sits on a 160 square meter block on Arundel Street, in Forest Lodge, inner-city Sydney
The house went under the hammer on Saturday for $2.7 million
Bidding started at $2 million and the house sold in just ten minutes.
Two of the bedrooms are en suite, and the listing on Domain describes them as having high ceilings and wide and spacious rooms.
The terrace is also just around the corner from a hub of cafes, The Forest Lodge Hotel, and has 'excellent' transport links into the city.
Ray White Erskineville estate agent Matthew Carvalho said the sale was better than expected.
“It was better than we thought it was going to be, which shows the strength of the market at the moment,” he told Daily Mail Australia.
'It's a modern house, a lot of other houses in the area are historic houses so they don't fetch as much as a Victorian-style property.'
Mr Carvalho said the best feature of the house was the large size of the bedrooms.
The dad isn't the first parent to spend big on their children, with another family buying a $3.8 million house in Paddington for their three children.
The terrace has three levels and three bathrooms
Agent Matthew Carvalho, of Ray White Erskineville, said sales were better than they expected
The house was squatted by the father in February 2023 after his two sons and daughter, all in their 20s, searched fruitlessly for a rental property in the same area.
Australia's average property price of $759,437 in January was 7.6 times the national average full-time price of $99,174, including bonuses and overtime.
Sydney is the most expensive property market in the world, after Hong Kong, when property prices were compared to income.
The average house and unit price of $1.122 million in January was 11.3 times the average full-time salary of $98,675 in NSW.
But Hobart is still relatively expensive, with a debt-to-income ratio of 7.5 based on the average house price of $651,807 and a lower, average full-time salary of $86,819.
This increased to 7.7 based on Tasmania's average full-time salary of $84,203, excluding bonuses.