Property market is so expensive that mums and dads are now buying houses for their children

  •  First home buyers in Sydney and Melbourne are increasingly looking to their parents to help them get a foot on the property ladder, real estate agents and analysts say.

Massive house prices in Australia’s two largest cities, which can require deposits of more than $100,000, are forcing parents to fork out for their adult children.

‘I think it’s been going on for a while, but more so recently because there’s been such price growth in the last three or four years, it’s now starting to get out of reach for a lot of people,’ Ray White Double Bay director Craig Pontey told news.com.au.

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Australia Property

One in five first home buyers in NSW and Victoria expect to get help from the parents to buy their first home. This two bedroom house in Brunswick East, Melbourne, is expected to sell for $780,000 – $850,000

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