If you have the money easily and are going to buy something big - like a playhouse - it might not be obscene. But if you just feel it's what you need to spend on a number of toys, it's far too much.
There are lots of good toys you can get at one which will be played with a lot before your child is two (I also have a Ds with a December birthday) but whatever you do, don't spend £300 on presents aimed at one year olds. You won't get enough use out of them.
Buy a playhouse, a wheelybug, a big wooden fire engine, some musical instruments and some duplo. Or maybe a little wooden farm/dollshouse with animals/people to put in and out. And next year buy a wooden kitchen, a garage and a balance bike.
They honestly do not need very much at one, or even at two, and will be happy with a few favourite things. It's such a terrible waste to feel you have to spend to give your children what they need.
We have so many toys that are rarely played with at three and five, and I really fought to keep the quantity down for the first few years. The volume of possessions does become obscene, and does just breed wanting more, instead of finding new ways of playing with what they have.