Australia property prices: Melbourne siblings buy their first house in Clyde by pooling their spending money
Three young Australian siblings have achieved an incredible feat after pooling their pocket money to break into the tough real estate market.
Three Melbourne siblings are on their way to becoming real estate moguls after pooling their spending money to buy their first home.
With the help of their father Cam McLellan, their real estate investment guru, Ruby, six, her brother Gus and her sister Lucy have just taken over their first home in Clyde, in the southeast of the city. .
The family told 7 News that they plan to sell the house in 2032 and then share the money.
“My name is Ruby and I’m six and I’m about to buy my first home,” Ruby told the home network, which cost $ 671,000.
Ms McLellan told 7 News that she expected the property’s value to double in a decade.
“Financially, they each contributed $ 2,000 and they saved that up,” he said.
“The price of this block has already increased by $ 70,000, so they have done well so far.”
The children managed to save their bond by doing household chores and helping their dad prepare copies of a bestselling book on real estate investing.
“It’s written for my kids to use when they’re old enough, so I’ve outlined all of the steps involved in building a real estate portfolio,” McLellan said.
Earlier this month, news.com.au reported on Mr. McLellan’s decision to retire at 36 after finding a way to make $ 250,000 each year without working.
Mr. McLellan began accumulating properties when he was only 20 years old with the goal of generating enough passive income that he never had to work again.
After reaching $ 250,000 in after-tax income from renting out his many properties, he decided to take early retirement.
He has managers in place to manage his portfolio and therefore doesn’t have to do anything to lead a more than comfortable life.
Now 47, the father shares his advice on how he went from a poor teenager on a Victorian farmhouse to a man with over 100 properties to his name.
McLellan siblings’ property milestone comes after new research from real estate analysis firm Hotspotting found real estate was becoming even more inaccessible for many first-time buyers, after several suburbs saw median value of their property increase by $ 200,000 in just three months.
The average price of a home in Sydney’s exclusive Rose Bay fell from $ 3.8 million to $ 4.09 million during this time, while Northbridge on Sydney’s lower North Shore is increased from $ 4.1 to $ 4.3 million.
North Bondi rose from $ 3.31 million to $ 3.58 million, and South Sydney-based Gymea Bay and Kogarah rose $ 200,000 to the same end figure of $ 1.62 million.
Manly went from $ 3.51 million to $ 3.82 million, as did Killara on the North Coast, from $ 3.3 million to $ 3.63.
But the unassuming town of Ipswich in Queensland stole the top spot in terms of house price growth, while other towns that earned Honorable Mention included the Queensland towns of the Gold Coast, Logan City and the tropical north of the state.
Wanneroo City in Western Australia, Salisbury in South Australia, Hume City in Victoria, Palmerston City in the Northern Territory as well as the Hunter region of NSW were also on the list.
– with Alex Turner-Cohen