Six-year-old and her siblings use pocket money to buy first home
Three siblings from Melbourne are well on their way to becoming property owners after pooling together pocket money to buy their first home.
With the help of property investment guru father Cam McLellan, 6 year-old Ruby, her brother Gus and sister Lucy have managed to snap up their first home in Clyde in the city’s southeast.
The family told 7News they plan to sell the home in 2032 and split the money.
“My name is Ruby and I’m six years old and I’m about to buy my first house,” Ruby told the network of the home, which cost $671,000.
Ms McLellan told 7 News he expected the property’s value to double in a decade.
“Financially they have each contributed $2000 and they have saved that up,” he said.
“The price on that block has already gone up $70,000, so they’ve done well so far.”
The kids managed to save up their deposit by completing chores around the home and by helping their dad pack copies of a best-selling book on property investment.
“It’s written for my kids to use when they’re old enough, so I’ve outlined all the steps it takes to build a property portfolio,” Mr McLellan said.
Earlier this month, news.com.au reported on Mr McLellan’s decision to retire at 36.
Mr McLellan started amassing properties when he was just 20 with the aim of generating enough passive income so that he would never have to work again.
After he hit $250,000 in earnings after tax from renting out his many properties, he decided to enter early retirement. He has managers in place running his portfolio so essentially no longer has to do anything to lead a more than comfortable lifestyle.
The McLellan siblings’ property milestone comes after new research by property analysis firm Hotspotting revealed real estate was getting even further out of reach for many first time buyers, after several suburbs saw their median property value soar by $200,000 by just three months.
The average price of a home in Sydney’s exclusive Rose Bay jumped from $3.8 million to $4.09 million in that time while Northbridge, in Sydney’s lower north shore, lifted from $4.1 million to 4.3 million.
North Bondi leapt from $3.31 to $3.58 million, and Gymea Bay and Kogarah, based in Sydney’s south rose by $200,000 to rest at the same final number, $1.62 million.
Manly went from $3.51 million to $3.82 million, as did Killara in the north shore, going from $3.3 million to $3.63.
But the unassuming Queensland town of Ipswich stole the number one position in terms of home price growth.