World's youngest homeowner: Ruby McLellan, 6, buys $671K house using her ALLOWANCE!
A young 6-year-old girl from Australia has bought her first house worth $671K. She bought the home after saving her allowance over the years and has finally become the world's youngest homebuyer.
Ruby McLellan, her sister, Lucy alongside her brother Gus have saved a lot of money together over the years. From performing house chores to helping their dad packing copies of his best-selling book, the kids have done it all to buy their own plot of land. The young girl is from Melbourne, Australia. While talking to the news channel 7News, the girl said, "My name is Ruby, and I am six years old and I am about to buy my first house."
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Cam McLellan, the father of these three kids, works as a property investment expert. Cam has revealed that each of his kids had saved up to $2000 to contribute to the land which they are planning to buy. He also said that the house is partially built over the land they have bought and is located in the suburbs of Clyde in southeastern Melbourne. The house costs $671,000. The investment expert and dad has predicted that the value of the land will double in the next ten years. He said, "The price on that block has already gone up to $70,000 so they have done well so far." He also added that his kids are planning to sell the land in 2032 and split the profit amongst themselves.
He also said, "It is written for my kids to use when they are old enough, so I have outlined all the steps it takes to build a property portfolio." With a continuous upward skew in property prices in Australia's real estate market, most parents are afraid that their kids will not be able to buy any property once they grow up. Right now, an average house costs nearly $1 million.
Real estate prices have specifically increased in Melbourne by 19.5% in the past year. Additionally, the property price has increased by $8,000 over the month of November. Recently, Louis Christopher, the managing director of SQM Research, a property information and research firm in Australia, said in an interview, "If the Australian housing market does not slow down by mid-2022, APRA (Australian Prudential Regulation Authority) will keep intervening until it does. We cannot afford another year of 20 percent plus gains across the national housing market."
Data from the Commonwealth Bank of Australia also proved that people have started coming together to buy a property. They are joining with families, friends, or siblings to buy a property together to split the profits amongst themselves. Much like what Ruby is doing with her siblings, only at a much younger age.
