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Six-Year-Old And Her Two Siblings Pool Their Pocket Money To Buy A Home Worth $671,000
The property is estimated to double in value in ten years.
Siblings Ruby, Lucy, and Gus McLellan pitched in $2000 of their hard-earned pocket money and purchased a brand new home in Melbourne, following their property investor father. Along with the house, the siblings also bought a surrounding land in Clyde, a rural suburb about 48km southeast of Melbourne’s city center.
This six-year-old and her siblings have pooled together their pocket money to buy a home worth $671K.
Cam McLellan, 36, had encouraged his kids to purchase into Australia’s thriving property market but first put his children to work to save for the deposit. The home cost the siblings a total of $671K, which their father has predicted will double in value to roughly $1342 000 in years.
Ruby, Gus, and Lucy McLellan each contributed $2000 to purchase the home and surrounding land in Clyde.
The trio’s dad [right] is a property investment expert, and he helped his kids buy into the booming market.
His kids could save up their pennies by helping with household chores, including packing their father’s how-to guide to investing. The best-selling book, My Four-Year-Old, the Property Investor, was published last November but has been relaunched and dedicated to the author’s children.
The siblings plan to keep the property for another decade before selling up in 2032 & splitting the profits.
“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 told 7News. Presently, the price of the Clyde block has gone up by $70K, and the McLellan brood plan on keeping the property for another decade before selling up in 2032 and splitting the profits.
Here’s McLellan’s best-selling guide to investing in property.
Earlier this month, the Australia Bureau of Statistics revealed the country’s 10.7 million residential dwellings rose by 5% or $487billion in September, quarter to $9.3trillion. “The value of Australia’s dwelling stock has risen by nearly $1 trillion in the past six months,” ABS head of prices statistics Michelle Marquardt said.
McLellan, pictured with his partner, is the director and co-founder of property company OpenCorp.
CoreLogic data also showed that Australian property prices in the year to November surged by 22.2% – the fastest annual pace since early 1989. The property council of Australia said while low-interest rates had driven up house prices, factors like taxes, undersupply, and even inefficient planning systems have antagonized the overheated property market.
