According to the news from dailytelegraph.com.au, the Foreman-Sinatambou family owns eight properties in housing development Discovery Point in Wolli Creek, and mum Lily Sinatambou said the family has its eye on a few more.
Each member of the family, which includes father Martin Foreman and daughters Kirsten and Samantha, owns two properties in the complex, where they also live.
They’re not the only family trying to buy up as many homes in the complex as possible — a young married couple have purchased four properties, which they’re keeping strictly for family.
“They’ll be for my parents and in-laws,” the wife said.
Analysts say such buying patterns are a growing reaction to Sydney’s housing affordability crisis, as buyers hoard the narrow selection of cheaper properties within 10km of the CBD.
Growth in prices has remained dormant since Christmas, but trends forecaster BIS Shrapnel predicts it will pick up again as the year wears on, with annual growth of up to 7 per cent forecast.
The higher values will squeeze even more buyers out of the market in all but a handful of areas, with Wolli Creek one of the last pockets of relative affordability — some units in the area are still selling for under $500,000.
Ms Sinatambou said the family never intended to buy properties so close together and in the same area, they simply all agreed Wolli Creek was a better place to buy than anywhere else.
“We weren’t even looking to buy property when we first came to the area, we were just accompanying our daughter on a few home viewings,” she said.
“When we saw the development, the whole family came on board.”
They initially only bought one each, but liked the area so much they decided to sell their Menai home and move into a three-bedroom Discovery Point property as renters.
Mr Foreman and Ms Sinatambou used the proceeds from the sale to buy another home each and they’re keeping the rest of the money for when they’re ready to buy more.
Demographer Mark McCrindle said more Sydney families are likely to follow suit in other developments.
“People talk of gen Y as the most independent generation, but in some ways it’s the opposite,” he said. “High house prices are encouraging adult children to stay at home longer and that’s fostering stronger intergenerational bonds.”
“When it comes time for the children to buy property, their parents are often downsizing and also looking for a new home. It’s natural for them to want to be close together.”
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