Melbourne six-year-old and siblings buy their first $671,000 home
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Three young siblings from Melbourne have reached an unbelievably early milestone in their lives by buying their very own plot of land.
Six-year-old Ruby, her brother Gus, and sister Lucy are on their way to becoming property moguls with the help of their father, Cam McLellan, a property investment expert.
Ruby McLellan is now a proud homeowner. Photo credit: 7News.
“My name is Ruby, and I’m six years old, and I’m about to buy my first house,” said the six-year-old homeowner.
The property, located in Clyde in Melbourne’s suburbs, costs $671,000 and is expected to double in value for the next decade.
Their father, Cam McLellan, said that the children pooled their pocket money from completing chores around the house and helping their dad pack copies of his best-selling property investment book.
“Financially, they have each contributed $2000, and they have saved that up,” he said.
“The price on that block has already gone up to $70,000, so they’ve done well so far.”
“It’s written for my kids to use the money when they’re old enough, so I’ve outlined all the steps it takes to build a property portfolio,” he added.
Cam McLellan has managed to retire at the early age of 36 after finding a way to make $250,000 every year through passive income.
When he was only 20 years old, he started amassing properties to rake enough revenue so that he would never have to work again.
Now at 47 years old, he has multiple managers running his property portfolio, meaning that all that’s left for him to do is live a comfortable lifestyle with his family.
Cam McLellan can now spend more time with his kids and never has to work again through his passive income. Photo credit: News.com.au.
Currently, the cost for an average Australian house is nearly $1 million. House prices in Melbourne have a median price of $953,000, a 19.5% increase from the previous year.
Louis Christopher, the managing director of SQM Research, said: “If the Australian housing market does not slow down by mid-2022, APRA (Australian Prudential Regulation Authority) will keep intervening until it does.”
“We cannot afford another year of 20 per cent plus gains across the national housing market.”
According to data from the Commonwealth Bank of Australia, one-quarter of Australians have considered joining together with parents, friends, or siblings to buy a property together.
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