{"id":42266,"date":"2023-02-14T08:25:19","date_gmt":"2023-02-13T19:25:19","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=42266"},"modified":"2023-02-14T08:25:19","modified_gmt":"2023-02-13T19:25:19","slug":"dad-forced-to-buy-kids-3-8-million-home","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/dad-forced-to-buy-kids-3-8-million-home\/","title":{"rendered":"Dad \u2018forced to buy\u2019 kids $3.8 million home"},"content":{"rendered":"

PHOTO: ‘The bank of Dad’. NOT SOCKS<\/strong><\/p>\n

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A very generous father has bought his three children a $3.8 million three-bedroom home in a sought-after Sydney<\/a> suburb because they couldn\u2019t find an affordable rental.<\/p>\n<\/div>\n

The terraced house on Underwood Street in Paddington was snapped up by the dad after it had spent a month on the market.<\/p>\n

\"Australian<\/a><\/div>\n
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\u2018Sydney\u2019s smallest house\u2019 sells for record-breaking price<\/a><\/h2>\n<\/header>\n<\/div>\n

His three children, two sons and a daughter who are all in their 20s, will now share the home.<\/p>\n

They had struggled to find a property they could afford to rent in the suburb, PPD Real Estate told the\u00a0Australian Financial Review<\/a>.<\/p>\n

\u201cThere\u2019s a terrible shortage of rental properties,\u201d the representative from the real estate firm said.<\/p>\n

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\"The<\/strong><\/em><\/div>\n

The house on Underwood Street in Paddington, Sydney, sold for $3.8 million<\/strong><\/em><\/div>\n

\u201cA father decided \u2013 he had two sons and a daughter, all in their 20s \u2013 because nobody would rent to them in Paddington, he said, \u2018I\u2019ll buy you a house\u2019. They\u2019re all moving in. That\u2019s their new share house.\u201d<\/p>\n

The home is described as having \u201ca beautiful mix of Victorian grandeur and Scandinavian design\u201d.<\/p>\n

\"Vivian<\/a><\/div>\n
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Huge problem with buying a house in Sydney<\/a><\/h2>\n<\/header>\n<\/div>\n

Its situated just a stone\u2019s throw from the cafes and bars of Paddington village and has a north-east facing garden with a private lawn.<\/p>\n

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\"There<\/div>\n

There is huge competition for rental properties in Sydney. Picture: NCA NewsWire \/ Jeremy Piper<\/strong><\/em><\/div>\n

Hundreds of applications are flowing in for every rental on the market in Sydney, as unprecedented pressure pushes prices sky-high \u2014 and the vast majority of applicants are offering more than the advertised price.<\/p>\n

The national vacancy rate is at an all-time low at just 0.9 per cent, forcing staggeringly high prices and fierce competition for every available property.<\/p>\n

Though so-called \u201crent bidding\u201d was outlawed in NSW late last year in a bid to stabilise soaring prices, it has done little to reverse the trend.<\/p>\n

In fact, more than 100 people lodge an application for every apartment that\u2019s up for rent in Sydney, according to one listing agent \u2014 and 80 per cent of them are offering more than the listed price.<\/p>\n

\u201cWhen we first came back from our Christmas break in January, that was the busiest time,\u201d agent Scarlett Manttan of McGrath Property told news.com.au at an inspection on Saturday.<\/p>\n

\u201cMy friend from work in the Coogee office had 106 people at one inspection. It\u2019s crazy.\u201d<\/p>\n

READ MORE VIA NEWS.COM.AU<\/a><\/p>\n

MOST POPULAR IN NEW ZEALAND<\/span><\/h3>\n