Small Race Bike for beginner

shaunos Posts: 84
edited June 2010 in Road beginners
My son has just started to really get into cycling. Always had a BMX but recently got a cheap MTB to get started with gears and real riding.
Well talk about enthusiasm, can't keep him of it.
He has been doing some riding with local club and borrowed a race bike for a while. Now need to get him his own.
Dilemma, low budget available, the prices for small race bikes on ebay are crazy, and to be honest they seem to be hard to find.
My son is nearly 11, and quite tall for his age, with a 29" inside leg. I am now looking at sourcing a frame and a larger complete bike, transfering parts and then selling the unused frame!!!
Any one out there been through this one???