Bank of daughter and son-in-law buys parents a house
Parents chipping in to help their children buy a property is common — but what about kids helping their parents into the market?
A young couple paid more than $50,000 above reserve for 72 Birchfield Cres, Wantirna, so the parents of one of them could live close to the family.
And such purchases are becoming more frequent, as more adult children want their parents to live in nearby to maintain family ties, OBrien Wantirna director Geraint Gardner says.
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“We held the March 30 auction (of 72 Birchfield Cres) indoors due to rain, and the couple bought the property for her parents to live,” Mr Gardner said.
“The parents were overseas and couldn’t attend the auction and the couple bought it so they could live nearby.”
The rain didn’t dampen the enthusiasm of five bidders who competed to secure the keys.
The four-bedroom house on 616sq m had a price guide of $740,000-$820,000 with a reserve of $810,000.
After a low opening bid of $600,000, keen competition drove it to a sale of $862,000.
“We had more than 80 groups through the property and to fetch more than $50,000 above reserve in this market was great for the long-time owners,” Mr Gardner said.
The more than 35-year-old property was on the market for the first time, with the vendors looking to downsize locally.
It was popular because it had been extended with a self-contained zone offering a bedroom with an ensuite.
The two zones are linked by a central entry foyer, making it ideal for a large or extended family. It comes with an L-shaped entertainment deck and a low-maintenance backyard.
The property is located in the sought-after Templeton Primary School zone and is just minutes to local shops and Knox shopping centre.
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