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AU Happy birthday, here's a condo

Property Here - Tuesday, November 05, 2013

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An Australian father has bought his six-year-old son an unusual and expensive birthday present - an AUD710,000 (S$835,000) Sydney apartment.

Lawyer Dion Vertzayas bought his son Dean the one-bedroom property in Victoria Street, Sydney, which has views of the Harbour Bridge.

He told Australian media: “There is only limited stock in Sydney. He’s turning six next month. It is going to be a surprise for his birthday. When he is at university he can have it as his place and he can commute from there to wherever he wants to study or work.”

Australian parents are increasingly helping their cash-strapped sons and daughters get onto the property ladder.

Media recently reported that parents paid the equivalent of more than S$1.2 million for an Australian terraced property for their 23-year-old student daughter, while others are acting as guarantors when their children cannot afford deposits.