A young Aussie girl has been given a serious leg up in the property market after her parents bought her a home in a major Australian city.
When she's old enough to move in, 10-year-old Victoria will be handed the keys to her home in Frankston, 54km south-east of Melbourne's CBD.
Her dad Bernhard Walther paid $580,000 for the two-bedroom home at auction in October, outbidding two first home buyers. But he's not sure if Victoria is fully aware of what the purchase means for her future.
"I think she knew it when we said it, but I'm not sure she really recognised it. I would think that kids her age, later on, they will never be able to buy something any more," Mr Walther told The Age.
"I think a lot of people are (buying property for their children) and I think it's smart to do if you want to look after your kids."
The family have no mortgage on their current home and spent four years watching the market before they made a move on the Frankston home. Mr Walther believes property prices will continue to increase as record high and a severe lack of supply combine to create a worsening housing crisis in Australia.
They plan to rent the property to tenants before Victoria is old enough to move in. The home was described in the property listing as "a charming character cottage with 10ft ceilings and art deco details in the heart of Frankston... that perfectly blends vintage charm with modern convenience."
Over the last four years, the median price for a two-bedroom house in Frankston rose from $480,000 to $580,000. The house features two bedrooms, one bathroom, sunroom, separate dining room, stained glass front door, double garage and sits on a 600sqm lot within walking distance to Frankston train station, a beach, the local TAFE and a shopping centre.