A Sydney mom recently gave a whole new meaning to Christmas spirit after buying her son a $ 1 million house as a gift for December 25th.
A mom from the prestigious north coast of Sydney recently gave a whole new meaning to a Christmas spirit after buying her son a $ 1 million house as a Christmas gift.
Late last month, the income-aged mother in her 70s outperformed everyone else at a whopping $ 80,000 to earn her son a four-bedroom, one-bathroom, 657-square-foot home in South Penrith, in the west of the city.
The property’s price guide was listed between $ 899,000 and $ 969,000 but most bids were around the $ 900,000- $ 920,000, according to Property Central’s real estate agent, Cameron Faico.
Then a woman from Wahroonga on the upper north shore of Sydney came in and offered $ 1 million ahead.
“It was massive, well above the rest of the competition,” Mr. Faico told news.com.au. “The owners were ecstatic. It was unexpected, I didn’t expect to get close to that. “
The real estate agent explained that the expensive purchase was because the woman “bought it as a gift for her son, whom he did not know at the time”.
“Her gift was to secure his financial future,” he added.
The property will be fully arranged by January – perfectly timed for a late Christmas present.
Mr Faico said the woman’s son was in his late 20s and had a young family he had to support.
“It’s not just giving someone a million dollars, the beauty of what she did [is] she will turn that million into more money by parking that money in property, ”he explained.
The real estate agent said he would be over the moon if someone bought him a house for Christmas, saying “I would feel like I would win the lot”.
The woman visited the house on its second open home on October 23. Later that day, she placed her offer.
Just five days later, they sealed the deal.
Penrith’s property was last sold in December 2013 for just $ 473,000, which Mr. Faico said was a testament to the “growth potential” in the area.
“The competition is really fierce right now,” said Mr. Faico, who has worked in the Penrith market for 12 years.
“Most locals want to buy locally, so there has always been demand, but as many Sydney buyers have been priced out of that city market, they are looking for more.
“For a million you can get four bedrooms, a courtyard and a good sense of community, while $ 1 million in Sydney. [near the city] will buy you not much.
“A lot of people are looking to move.”
However, data from property analytics firm CoreLogic suggests the real estate market is sluggish – meaning a $ 1 million property as a Christmas gift may not be as good as it sounds.
The past two months have seen growth rates for Australian real estate halt as new homebuyers struggled to collect deposit to match inflated values, according to CoreLogic.
House prices rose nationally by 1.49 percent in October compared to 1.51 percent in September, a decrease from the maximum growth in March of 2.8 percent.
Tim Lawless, research director at CoreLogic, warned that “it is very likely that the housing market will continue to gradually lose momentum.”
He previously said: “It is becoming increasingly clear that the housing market has surpassed its maximum growth in March.”