Six-year-old and her siblings pool their pocket money to buy a HOUSE worth $671,000 in Melbourne
- Six-year-old and two siblings pool their pocket money to purchase a new house
- Each child pitched in $2,000 of hard-earned pocket money for home in Clyde
- Property in Melbourne’s southeast is estimated to double in value in ten years
- Brood purchased the home following advice from their property investor dad
- They plan to keep home for another decade before selling and splitting profits
A smart six-year-old and her two siblings have officially become the proud owners of a brand new home.
Ruby, Gus and Lucy McLellan purchased the home and surrounding land in Clyde, a rural suburb about 48km southeast from Melbourne’s city centre.
The siblings all pitched in $2,000 of hard-earned pocket money for the stretch of earth, following advice from their property investor father.
A plucky six-year-old (pictured) and her two siblings have officially become the proud owners of a brand new home in the latest indication of Australia’s insane property market
Ruby, Gus and Lucy McLellan (pictured) purchased the home and surrounding land in Clyde, a rural suburb about 48km southeast from Melbourne’s city centre
Cam McLellan, 36, said he encouraged his children to buy 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 $671,000, which their father has predicted will double in value to roughly $1,342,000 in ten years.
‘The plan was that I’d set up a family trust and they’d all sign a written agreement that, after purchasing a property, we’d sell it in 10 years when its value increased,’ their father told news.com.au
Pictured: Cam McLellan’s best-selling guide to investing in property
‘Felicity and I explained that once each child had saved $2,000, we’d pay the rest of the deposit on the $671,000 property in Clyde,’ he said.
‘Ruby was especially excited. “Can my friends sleep over in our new place?” she asked. I laughed. “No, we’re not going to live there,” I explained, adding that it would be rented out.’
Mr McLellan is the director and co-founder of property company OpenCorp and recently authored a step-by-step investment manual.
The children were able to save up the $8,000 by helping do household chores and packing their father’s how-to guide to investing.
The best-selling book, My Four Year Old, the Property Investor, was first published last November but has been relaunched and is dedicated to the author’s children.
‘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.
He said the price of the Clyde block has already gone up by $70,000.
The McLellan brood plan to keep the property for another decade before selling up in 2032 and splitting the profits.
The siblings all pitched in $2,000 of hard-earned pocket money for the stretch of earth, following advice from their property investor father (pictured, rural suburb Clyde)
Cam McLellan (pictured with his partner) is the director and co-founder of property company OpenCorp and recently authored a step-by-step investment manual