Talented youngster: 6-year-old girl bought half a million dollars house with her siblings
The three McLellan siblings each contributed $2,000 in pocket money to buy a house together on their father's advice.
Source: NY PostNowadays, buying a house at the age of 20 - 30 is no longer a strange thing. However, co-owning a home worth more than half a million dollars at the age of 6 is quite a rare story.
Such was the case with Ruby McLellan. This 6-year-old girl now living in Australia has recently become the owner of a house worth more than $600,000 with her two siblings, despite the escalating housing prices in Australia in recent years.
According to 7News, babies Ruby, Gus and Lucy McLellan bought the house and surrounding land in Clyde - a rural suburb 48 kilometers southeast of Melbourne's city centre.
Source: InmanThe three McLellan siblings each contributed $2,000 of their pocket money to buy a house together on the advice from their father, a real estate investor. Cam McLellan (36 years old) said he encouraged his children to invest in Australia's thriving property market. But first, he let the children work to earn, save and pay the deposit for the house.
The home costs a total of $671,000 and Cam predicts its value will double to more than $1.3 million over the next 10 years. Cam is the co-founder and director of the real estate company OpenCorp. Recently, he also published a book to share his investment experience.
The three McLellans save money by doing housework and their current achievements are the result of their father's investment guidance. Cam's best-selling book, "My Four Year Old, the Property Investor" was first published last November. Up to now, the book has been re-released, dedicated to the author's children.
Source: MEAWWAfter the story was shared, many people called the McLellan children "talented youth". Of course, they have the advantage of being guided by an experienced real estate investor who is their father, but not every child is willing to work, earn and save to buy a home like that.
Cam told 7News: "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. The price on that block has already gone up $70,000, so they’ve done well so far,"
The McLellans plan to keep the house for another decade before selling it off in 2032 and dividing the profits. The sale represents a new sign of Australia's out-of-control property market, recently valued at $9 trillion.
Earlier this month, the Australian Bureau of Statistics (ABS) said the value of the country's 10.7 million residential apartments rose 5% ($487 billion) to $9.300 billion in the third quarter of 2021.
Australian property prices in the year to November rose 22.2% - the fastest annual increase since early 1989, CoreLogic data shows.
The Property Council of Australia says low interest rates have pushed up house prices. In addition, factors such as insufficient supply and demand, taxes and an inefficient planning system also make the real estate market hotter than ever.
However, authorities expect Australia's property market to slow down in 2022 and into double digits in 2023, as banks raise fixed mortgage rates.
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