Edith Nesbit 
The Phoenix and the Carpet 

Adventures of Cyril, Anthea, Robert, Jane and the Lamb continue. Their mother buys the children a new carpet to replace one from the nursery that they have destroyed in an accidental fire. The children find an egg in the carpet, which hatches into a talking Phoenix. The Phoenix explains that the carpet is a magic one that will grant them three wishes a day. The five children go on many adventures, which eventually wears out their magic carpet.