Lawyer buys $710,000 city unit to set up son, 5, on ground floor of property market

dion vertzayas and dean A birthday present: The view from the Potts Point pad. Photo: Supplied
Nanjing Night Net


Helping your adult daughter to buy a million-dollar Surry Hills terrace is one thing, but spending $710,000 on an apartment for your five-year-old son is another.

Sydney property lawyer Dion Vertzayas has moved to secure his son’s future in the market by buying a bolt-hole in the inner city.

His son, Dean, probably won’t be moving in until sometime around 2025, but Mr Vertzayas said he had to act now to prevent his son being forever priced out of the market.

”There is only limited stock in Sydney,” he said. ”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.”

The one-bedroom apartment with parking on Victoria Street, Potts Point, has views over the Domain to the Harbour Bridge.With the market on the rise, more first-timers are being forced to fall back on their parents for help.

The median house price in Sydney surged past $700,000 for the first time over the September quarter to $722,718. The median unit price also rose to $515,035, figures from Australian Property Monitors show.

Potts Point agent Nuri Shik from Laing+Simmons said parents had been showing up to inspections with their kids ever since the first home owner grant for established properties was scrapped in 2012.

”The government used to assist first home buyers, now it is parents who have stepped in to fill the gap,” he said. ”It’s the best way to get in to the market because if they [young people] wait until they’ve saved their money they could be priced out even further.”

The extent that parents will go to help their kids became apparent on Saturday when a Mosman couple helped their 23-year-old uni-student daughter buy a Surry Hills terrace for $1,094,000. The purchase price was $119,000 over the $975,000 reserve.

General manager at AFG mortgage brokers Mark Hewitt said more parents were acting as guarantor for their children’s purchases. ”The most popular tool is where parents provide a charge over the property they own to support the lack of deposit that their children have,” he said.

Television and radio personality Tim Webster thought up a low-risk way to help his two sons get into the property market: get them to pay his mortgage.

Mr Webster and his wife bought a property in Wahroonga and his sons, aged 22 and 24, make payments into the mortgage account.

”That way when we sell the house they’ll get whatever they put in back plus a percentage of whatever the increase in value of the home is,” he said. ”Hopefully, that will give them enough cash to put in to a place of their own.”

This story Administrator ready to work first appeared on Nanjing Night Net.

Comments are closed.

Post Navigation