A 6-year-old girl from Melbourne, Australia, is helping buy her very first home with money she and her siblings have saved up over the years.
Ruby McLellan, with her sister Lucy and brother Gus, saved the money from doing household chores and helping their father package his bestselling real estate book, 7 News reports.
“My name is Ruby and I’m six years old and I’m about to buy my first house,” Ruby told the outlet.
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Cam McLellan, the children's father, said that each of his children saved and contributed $2,000 to the purchase. The pooled money was used to buy a plot of land with a half-built home on it in the suburb of Clyde in southeastern Melbourne, appraised at $671,000. McLellan predicts that the property's value will double in 10 years.
“The price on that block has already gone up $70,000, so they’ve done well so far,” he explained. He said that his children will plan to sell the property in 2032 and split the profit evenly among themselves.
McLellan says he wrote his real estate investment book for his children to consume one day.
“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,” he explained.
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Australia's Commonwealth Bank found that 1 in 4 Australians have considered teaming up with family or friends to purchase real estate properties amid soaring costs, which serves as a high barrier to entry.