Cate Blanchett has bought an apartment to serve as an investment for her sons, and the actress allegedly picked out the Sydney unit herself. The Newcastle Herald reports that the actress, who is married to Andrew Upton, is already thinking about the future of her three sons. Blanchett is part of a growing trend in Australia of parents purchasing properties for their children before they are even grown.
Blanchett and Upton had originally planned to get two apartments next to each other for their sons, but the couple only managed to purchase one apartment because the auction did not go as they planned. Nevertheless, the couple was allegedly not discouraged by the news of only securing one apartment and willingly paid $1.92 million for it.
Blanchett and Upton join other wealthy parents in Australia and around the world who are worried about the financial futures of their children and believe that purchasing housing early is the key to avoid problems in the future. The New Zealand Herald points out parents are concerned about housing prices, so they are investing in properties long before the kids are old enough to live in them.
In Blanchett’s case, her children are all under the age of 13, yet she still felt the need to secure homes for them. From lakeside apartments to penthouses, the types of investments being made by concerned parents are varying greatly, but they tend to have a common theme. In almost all of the cases, the children are years away from being able to enjoy the properties, so the parents are stuck maintaining the homes. Some families are renting out the properties as they wait, but renting brings its own challenges, so others are simply waiting for their kids to grow up.