‘Times have changed’: Western Sydney couple explain why they bought toddler $370,000 home using gifts

A Sydney couple have recieved a $45,000 shock after using their daughter’s birthday and christening gifts to buy her a $370,000 apartment.

A Sydney couple have explained their decision to buy their young child a $370,000 apartment, with the toddler becoming a property owner at just three years old.

Jordan Veleski, a buyer’s agent from Western Sydney, previously told news.com.au he and his wife decided to use the $25,000 her daughter, Florence, received from family members at her christening and first birthday to buy a two-bedroom unit in Footscray, Melbourne.

“We were blown away with how much money we’d received, and we counted it the next day, and that’s when I had the idea,” Mr Veleski told news.com.au.

“I come from a Macedonian background, so it was always instilled into us that anything you get, handed down or at birthdays or a wedding, you just put that in the savings account.

“But I knew that was outdated advice.”

Florence Veleski has become a property owner at just three years old. Picture: 7News

Mr Veleski and his wife bought the toddler a two-bedroom Melbourne unit. Picture: 7News

Speaking to Sunrise, Mr Veleski further explained why the couple chose not to put the money in a savings account, instead adding $30,000 of their own money to purchase the unit, which is in their name.

“I came up with the idea of we need to do something with this money,” said Mr Veleski, who started working as a tradesman before becoming a buyer’s agent.

“What my parents did was put the money in a bank account. And that worked 20 or 30 years ago. But times have changed and you need to adapt.”

The unit, in Footscray, Melbourne, was purchased for $370,000. Picture: 7News

The couple added $30,000 of their own money to buy the property. Picture: 7News

“Instead of buying the property at 21, we’re doing it now. We’re just trying to get a head start.”

In just 14 months, the property has already increased in value by $45,000.

Mr Veleski hopes apartment could be worth $700,000 or $800,000 in 20 years’ time.

“Why not buy it now when it’s half the price and me and my wife are working so we can pay that down and the kids can have a head start?”

The couple said they’re trying “get a head start” for their daughter. Picture: 7News

He said prospective buyers can still get their hands on a property under $400,000 in Australia and encouraged those looking to “do your homework” and educate themselves by listening to podcasts.

“There’s apartments and older-style apartments close to a CBD. You don’t have to buy a house, you don’t have to buy a townhouse, you don’t have to buy a shiny new apartment with 100 storeys … there’s plenty of ways to educate yourself.

“There is properties under $400,000, regional places. They’re out there, if you want to do the work, you’ll find something.”

Mr Veleski said he and his wife plan to do the same for their son, and will look at buying him a property early next year.

Property market hits new milestone but pace of growth easing

It comes as economists are predicting the housing boom could slow over the next 12 months despite prices continuing their record breaking run.

Fresh figures released by Proptrack this month show national house prices lifted another 0.5 per cent for the month of November.

Property prices have now risen 8.7 per cent nationally, or by around $77,900, over the last 12 months on average.

However, the pace of growth is slowing, down from the 0.6 per cent recorded in October.

Sydney house prices rose by a further 0.4 per cent in the month of November, while Melbourne and Brisbane added 0.2 per cent and 0.6 per cent respectively.

Perth and Adelaide continued to outperform the other capitals with prices up 0.9 per cent in the two capitals.

Annual house price changes for Australia's largest six cities. Picture: Supplied

Regional prices also climbed 0.6 per cent in November and are now up 9.3 per cent over the year, slightly outpacing the combined capitals.
AMP chief economist Shane Oliver said a combination of three cuts from the Reserve Bank of Australia, an expansion of the government’s five per cent deposit scheme and a shortage of houses have lifted house prices in 2025.”

Historically rate cuts have been associated with an upswing in property prices unless there has been a recession and sharply rising unemployment,” Dr Oliver said.

“And this year has been no exception with prices starting to rise from February when the RBA started cutting rates.”

Dr Oliver says lowering mortgage rates increases how much home buyers can spend on a property.

“Roughly speaking, each 0.25 per cent cut in variable mortgage rates adds around $11,000 to how much a buyer on average earnings can borrow,” he said.

The RBA is meeting today and will make it’s decision at 2.30pm (AEDT). It is widely expected to keep rates on hold.

– With NewsWire.

Originally published as ‘Times have changed’: Western Sydney couple explain why they bought toddler $370,000 home using gifts