Aristides Tselekidis, 19, turns Foodland job into first property deal

A teen from Albert Park says he followed five simple rules to buy his first investment property before his 20th birthday – and he’s set to buy another one in just a couple of months.

ADELAIDE, AUSTRALIA - Advertiser Photos June 14, 2023: Aristides Tselekidis at work at Foodland in Rosewater, he has just purchased his first property at 19 years of age. Picture: Naomi Jellicoe

In the midst of rising interest rates and cost of living, one 19-year-old has proudly purchased his first investment property and is gearing up to buy another one in a couple of months.

Full-time team leader at Foodland, Aristides Tselekidis from Albert Park, signed-off on a $205,000 unit in Salisbury East, in May this year – after saving for four years.

Now brimming with confidence and an investment mindset, Mr Tselekidis first set his sights on buying a property after his life took an unpredictable turn.

His parents had embarked on an unsuccessful business venture that led to a filing for bankruptcy, and their marriage ultimately ended in a divorce.

Ms Tselekidis, aged nine at the time, moved into a new home with his single mother, Vicky Tselekidis, 52, and brother Dimitri, 14.

“It was difficult at first because she had to work three jobs to provide for the family, (after) we (had) just lost our house,” Mr Tselekidis said.

“Luckily things started getting better. She’s obviously more comfortable now, but it was a struggle.”

Investment property of a 19-year-old Aristides Tselekidis, in Salisbury East. Picture: Real Estate

Investment property of a 19-year-old Aristides Tselekidis, in Salisbury East. Picture: Real Estate

He said watching his single mother work tirelessly ignited his motivation to get his own investment property when he became an adult.

At 15, Mr Tselekidis landed a casual role at Foodland and quickly began “saving and watching his money”.

“I was just saving in general then (I) became a full-time (worker) at 17, and had more money coming in,” he said.

While working full-time hours, he obtained a Stage 2 (Year 12) SACE certificate by attending school one day a week for four hours.

“I just got my SACE in Year 12, (after doing) VET courses in Year 11. I wasn’t sure what I wanted to do after school, so I didn’t want to just go to university and blow money.”

During that time, Mr Tselekidis said he was saving around half his wage, which came up to about $500 a week.

Remarkably, two years later he raised a $20,000 deposit, with the help of Credit Union SA which provided a $5000 grant.

“I only put a 5 per cent deposit down and I went with Credit Union SA,” he said. “Even for people who are first- time buyers and they’re buying as investors, they have a $5000 grant that enabled it be $20,000,” he said.

He said he now intends buying another property, potentially in the southern suburbs, by the end of the year.

For young buyers worried about entering the housing market, Mr Tselekidis believes these five tips will help them get their foot in the door.

“Don’t whinge about the property market, as it’s only going to continue to rise,” he said. Followed by, “work hard and save. Save at least half your income for a deposit by having a simple and modest lifestyle”, he said.

He says young future buyers should not move out of their parents’ home, until they’re able to “afford buying their own home or entering the market.”

And for buyers ready to make a purchase, he suggests buying a property that is valued well under their maximum borrowing power.