An Australian mother has ignited a fierce national debate after purchasing a multi-million pound property in a prestigious Sydney suburb for her daughter, who is currently studying overseas.
A Lavish Purchase Sparks Public Outcry
The generous mother secured the lavish five-bedroom, three-bathroom home at an auction in the suburb of Waverton, located on the city's lower north shore. The property, situated on a 797sqm block, cost a staggering $8 million, beating out one other determined buyer.
Selling agent Victoria Liu, of Richardson & Wrench, confirmed that the transaction was a parental gift for the daughter's benefit. The home was originally listed with a price guide of around $7 million. Property records reveal it was last sold for $3.6 million in 2013, highlighting a dramatic increase in value over the past decade.
A Nation Divided: Generosity Versus Crisis
The news quickly spread online, where many Australians were swift to criticise the purchase as 'ridiculous' and tone-deaf, given the country's ongoing housing crisis. Commenters questioned the logic of buying such a large property for a young woman not currently residing in the country.
'This is why Aussies are being outpriced on the residential property market,' one person stated bluntly. Another wrote, 'Hmm… sending child overseas to study then buying an $8million property. Nice for those with such a bank of parents.' A third simply added, 'And there is a housing crisis going on!!!'
However, the story also garnered support from those who saw no issue with a parent spending their money as they see fit. 'If mum is looking to adopt a man child I'm available… and happy to go study overseas too,' one man joked. Another defender commented, '(I) can't see problem. If someone able to afford it, why not. Doesn't matter who and for who.'
Property Boom and Affordability Squeeze
The Waverton purchase underscores a stark divide in the Australian property market. Selling agent Victoria Liu pointed to the suburb's strong growth, noting, 'A few years ago, Waverton, like the one next door, their next-door neighbour, sold for $5.7million. And now, you know, all these ones are selling for eight and a half, even, like $10million.'
This single transaction occurs against a bleak backdrop for many aspiring homeowners. A recent housing affordability report exposed a 'dire' disparity between property prices and incomes in Australia. The report found that since March 2020, home values have skyrocketed by 47.3 per cent, lifting the median dwelling value by $280,000 to $872,500.
Over that same period, the median annual household income increased by a much smaller 15 per cent to $104,390. This growing gap between earnings and property prices puts the dream of homeownership out of reach for many, making multi-million pound purchases for absent students a particularly sensitive topic.
