Aussie parents buy four-year-old her own $1m property
As many Aussies struggle to become homeowners across the country, at just four years old, Willoughby won't have that same worry.
Her parents, Mark Kensley and his wife Alana, decided to make the decision to not 'kick the can down the road,' and buy a home for their daughter now, rather than wait another 16 or so years to help her do it.
'She's already started telling people she has her own house,' he said. 'We've told her about (the property) and we will remind her every year …. but at four-and-a-half years old, it kind of goes in one ear and out the other.'
The property the Sydney parents purchased for their daughter was a circa $1 million one-bedroom unit in the new Willoughby Grounds development.
The home is in Willoughby, on Willoughby St for their daughter Willoughby – so the couple took it as a sign.
'I'm a sentimental person,' Mr Kensley said. 'We used to live in Willoughby, we fell pregnant when we were there so we named her after the suburb we lived in … I wanted to buy something that my daughter might appreciate one day, with her namesake.'
Mr and Ms Kensley aren't the only ones taking this approach - parents all over the nation are forking out more money than ever before to help their kids to get a foot on the property ladder.
Research by Mozo Money showed that almost 75 per cent of those don't expect anything in return and they were gifting on average $74,000.
Mr Kensley said although legally the property wasn't currently in Willoughby's name, it was very much hers and as soon as she turned 18 she could do what she wanted with it.
'Live in it while she goes to university, sell it to pay for something else – who knows what, but it will be available for her to choose.'
For now, it would be an investment and after living in the suburb for many years, Mr Kensley had confidence it would always have a secure tenant and hopefully pay for itself.
'It's a good development, it's quality and a great location. The bus stop is across the road, for city workers who want that convenience,' he said.
'We also have a pet cavoodle so we plan to make it pet friendly for the tenants.'
Ray White's director of projects and developments Tim Abott said it was becoming commonplace for parents to do this.
'We're seeing more and more parents look to get ahead of the market — not just helping their kids into a first home, but in some cases, assisting them before they're ready,' he said.
'Willoughby Grounds has struck a particular chord with buyers. We've had people return to the suburb after years away, or in Mark's case, purchase for a child named after the area.'
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