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Some teenagers are clearly getting way too much pocket money if they can afford a couple of cool mill for a massive mansion!

An eighteen-year-old student is listed as the official buyer of a gorgeous French-style home with seven bedrooms and a lake in leafy Dural, in the Hills District of Sydney.

Shuxin Zhou, the daughter of Chinese businessman Jianming Zhou, handed over $4.95m for the 5-acre property, $3,274,500 above the Dural median house price, as reported by Realestate.com.au.

In addition to the sale price, the teen would have had to cough up an additional $681,283 in stamp duty taxes for the Dural home, including $396,000 of foreign buyers tax.

Not A Rookie Buyer

It has been revealed that Ms Zhou is not a rookie landowner as she sold a gynormous $11.5m mansion in Warrawee on the upper north shore in December last year.

The agent responsible for the sale of the Dural property is Lynette Malcolm from Chadwick Real Estate, who also worked with the teen on the sale of the Warrawee property.

big house

Foreign Visa

Ms Malcolm spoke to 7 News last year saying that the teenager, who lives with her mother, was in Australia as a student attending a private school. Her visa permitted her to purchase Australian property.

“It works well for a lot of overseas students coming to study locally. Often they are the only one in the family who can legally purchase a property,” Ms Malcolm told 7 News Sydney.

Party On…

The Chinese student will certainly have plenty of room for parties in her new Dural home which includes a butler’s kitchen with a cool room, a sauna, home office, gym and commercial-grade laundry.

The property previously sold for $4.9m in 2016, according to CoreLogic reports and was rented out for $2,250 a week.

Did She REALLY Buy It?

Reading about the extravagant purchase, Facebook fans were unimpressed. And weren’t at all duped by the teen buyer.

“What a load of BS she didn’t buy it her parents did under the loop hole,” said one.

“I think you mean mum or dad bought it and put it in her name,” said another.

“An 18 yr old girl didn’t buy it, she was just her dads pawn to buy property in Australia. This needs to be stopped NOW,” exclaimed one irate commenter.

mansion lake

Not A Bad Thing

Others thought the purchase was beneficial to our country:

“Er.. so Australia received an injection of millions of dollars over the over inflated price of property and people are upset because..?,” offered one person.

Always Look On The Bright Side…

Other comments gave us the giggles:

“What, no helipad?” joked one.

“What a bargain, turrets are highly sort after. Very important to have access to a high vantage point to ward off unwanted visitors. Should have been in the $6m price guide!” offered someone else.

What do you think of this home purchase? Do you know any teens who could afford a multi-million dollar mansion? Tell us in the comments below.

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  • It is a beautiful home.

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  • It’s time we only sold Australian and to Australian residents.

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  • Property is a great investment but, I would rather spend less on the property and have funds left to maintain it. The upkeep on a place like this would be the stuff of nightmares!

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  • While there is every chance the money to buy the property came from her parents, investing it in property is a wise choice. There would be many other teenagers that would not make that choice with $5m.

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  • I think that she has bought this but using her parents money and now they have somewhere to live when they decide to move here as well. Imagine all the money she’ll have to pay for maids and butlers and keeping the place up to scratch. Not for me, I prefer the simple life

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  • l personally wouldn’t even spend that kind of money on a house even if I could l would rather buy my daughter her own house and buy myself a house and save the other millions . You can clearly see her parents have brought the house for her . The Australian government let them get away with foreign investors doing this by the huge amount of Taxes they have to pay . If you have a good look at Australia these days we have sold most of our own country to foreign investors Australia doesn’t even our most of our country Anymore

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  • That is one lucky teenager. I wish I could buy that!

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  • Definitely not an 18 year old buying that but I wouldn’t mind a house with a lake.

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  • Yes her parents paid, can’t help but feel a little jealous.

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  • I think rich parents always willing to spend money like this.

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  • I don’t know anyone who could afford a house that expensive, let alone a teenager.
    My partner and I were the only ones in our friend group who have their own home, but we had to make the decision to move a little bit further away to be able to afford one.

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  • This sort of thing needs to be stopped. There are too many investors getting a piece of the place and it actually drives prices up for those who live here. I’m in Tassie, where real estate has gone crazy because interstate buyers realised they could get cheaper property here and it’s at the point where a lot of locals are having trouble buying not just because of price but people beating them out of a sale by offering over asking price and before inspections.

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  • This is a shame for ordinary Aussies who cannot afford to buy a house, I understand that ordinary aussies could not buy at this price, but Chinese buyers are in the market at all levels and are happy to pay extra.

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  • I think the headline should read “Wealthy parents but million dollar mansion for their teen”

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  • “Sort after”? Omg. Maybe edit the comments before you publish them. How embarrassing. Our education system produces people who don’t understand grammar and can’t spell. ‘Sought’ is the past tense of ‘seek’.
    The story itself is sad… Foreigners can afford our properties, but an average Aussie will never be able to afford such luxury.

    Reply

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