finance

The birthday gift no 6-year-old wants (or needs)

Happy birthday you spoiled little so-and-so.

Actually he looks quite cute doesn't he, and like he won't appreciate what his father has done for at least twenty years.

A Sydney property lawyer has bought his son Dean a $710,000 apartment as a gift for his sixth birthday. Perhaps K-Mart was out of playdough? Whatever the case, this is one lucky little boy.

The generous, practical and loaded dad Dion Vertzayas wanted to secure his son's future in a property market that is currently squeezing out most young buyers due to inflated prices.

''There is only limited stock in Sydney,'' he said. ''He's turning six next month. It is going to be a surprise for his birthday," Vertzayas told the Sydney Morning Herald. "When he is at university he can have it as his place and he can commute from there to wherever he wants to study or work.''

We still think he would have preferred playdough.

The one-bedroom apartment has amazing views over the Domain and to the Harbour Bridge. We can't imagine what it will be worth in 2025 when little Dean actually moves in (or sells it and lives it up with the proceeds).

It is scary to think of how hard it will be for our children to purchase property, particularly in capital cities, with prices climbing faster than incomes. Sadly, this sort of gesture is out of reach for most families who are flat out saving money for their children's education as well as contributing to their first car purchase and if they're lucky, helping them scrape together a mere deposit for a home.

Many adult children wouldn't even get a look in without their parents help and it's sad. After all, owning property is what most of us aspire to.

Potts Point agent Nuri Shik from Laing+Simmons said since the first home buyers grant has been scrapped, parents have been the ones to step in and help cover the cost. Those families not in a position to do this are left to rent and be at the mercy of landlords and increasing rental costs. ''It's the best way (parent help) to get in to the market because if they wait until they've saved their money they could be priced out even further.''

What do you think about this dad's purchase? Canny or crazy?

Don't have a spare $700k to spend on your kid's birthday? Here are some cheaper ways to make him/her feel special on the big day...