A father who works as a tradesman has publicly defended his decision to purchase a $370,000 apartment for his three-year-old daughter, using cash gifts she received as a toddler.
The Unconventional Investment
Jordan Veleski, 37, and his wife Kaitlin, from western Sydney, used $25,000 gifted to their daughter Florence by friends and relatives at her first birthday and christening. They combined this with $30,000 of their own money for the deposit and stamp duty on a two-bedroom unit in Footscray, an inner-city suburb of Melbourne.
Mr Veleski, who has since founded a buyer's agency called The Flo Buyers Agency after leaving construction, told the Daily Mail that the generous gifts from their Macedonian cultural tradition sparked the idea. "She got a lot more money than I expected and that's when I came up with the idea to do this," he explained.
A Financially Neutral Asset
The property is not a financial burden on the family. It is currently rented out for $470 per week, generating a 6.6 per cent yield, and is neutrally geared. This means the rental income covers all holding costs. The location next to the new $1.5 billion Footscray Hospital ensures strong, consistent demand from healthcare staff.
Mr Veleski emphasised that the purchase was the result of careful research, not impulse. "I spent months researching and finding what I thought was the best area and why it suited us," he stated. His approach has received mixed reactions, with some praising the move and others expressing scepticism.
Securing a Future in a Soaring Market
The father's primary goal is to give his daughter a significant financial head start. The apartment is held in his name, but he has committed to giving Florence all the proceeds when it is eventually sold. "I'm just fast-tracking the process here, instead of her buying a home at 21 when house prices (could) be $3million or $4million," he said.
The strategy appears to be working. Just 14 months after purchase, the bank valued the property at $415,000 – a $45,000 increase in equity. The family plans to repeat the process for their 18-month-old son, Jordi, using gifts from his own celebrations.
Mr Veleski, who bought his first home at 21 with $30,000 from his own christening, criticised the low returns from savings accounts. "You're not using the power of leverage with a property (investment)," he argued, advocating for property as a proven wealth-building method in Australia.
His message to critics is blunt: "Educate yourself." The decision is backed by strong market data, with national dwelling values surging 1.1 per cent in October alone, according to analysts.
