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15th March 2024
04:35pm GMT
An Australian eight-year-old girl has become one of the world's youngest homeowners after buying her first place.
Ruby McLellan bought the house back in December 2021 for $671,000 (£345,420), and has already made a hefty profit on her investment.
Her expertise has a lot to do with her dad, Cam McLellan, who works as a property investment expert.
Cam, who lives with his family in Melbourne, revealed his three kids purchased a plot of land together, each saving up $2,000 (£1.029) each in order to make the purchase, per The Sun.
However, flash forward a few years and the land now has a home built on it. In the time this took the land's worth increased by 10%.
“The price on that block has already gone up $70,000, so they’ve done well so far,” Cam previously told 7 NEWS.
Data shows that the average property price in the area has grown from $625,000 (£321,740) to $677,750 (£348,895) since they purchased the land, meaning they have already made at least $50,000 profit.
“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,” Cam added, saying that they were planning to sell the property in 2032.
Cam told the Mail Online that he had wanted to make sure that his kids were able to get on the property ladder.
“It's much harder now for people to enter the property market and in years to come it's just going to get harder," he said.
“That being the case, my wife and I knew we were always going to have to help our kids get into the market and so we thought, why not now?”
The house being built on the land is reportedly going to be ready by the year's end, and they are planning to earn extra bank by renting it out before eventually selling it
Cam explained that he and his wife will be looking for their kids to return the part of the deposit that they paid, so it's not going to be a completely "free ride" for them.
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