Melbourne six-year-old buys $671,000 home with pocket money

Three young Aussie siblings have pulled off an incredible feat after pooling their pocket money to break into the tough property market.

Three Melbourne siblings are on their way to becoming property moguls after pooling their pocket money to buy their first home.

With the help of their property investment guru father Cam McLellan, six-year-old Ruby, her brother Gus and sister Lucy have just managed to snap up their first home in Clyde in the city’s southeast.

The family told 7 News they planned to sell the home in 2032 and then split the cash.

“My name is Ruby and I’m six years old and I’m about to buy my first house,” Ruby told the network of the home, which cost $671,000.

Mr McLellan told 7 News he expected the property’s value to double in a decade.

“Financially they have each contributed $2000 and they have saved that up,” he said.

Ruby McLellan is now a proud home owner. Picture: 7News

The Melbourne siblings are breaking into the property market. Picture: 7 News

“The price on that block has already gone up $70,000, so they’ve done well so far.”

The kids managed to save up their deposit by completing chores around the home and by helping their dad pack copies of a best-selling book on property investment.

“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,” Mr McLellan said.

Earlier this month, news.com.au reported on Mr McLellan’s decision to retire at age 36 after finding a way to make $250,000 every year without doing any work.

Mr McLellan started amassing properties when he was just 20 with the aim of generating enough passive income so that he would never have to work again.

After he hit $250,000 in earnings after tax from renting out his many properties, he decided to enter early retirement.

He has managers in place running his portfolio so essentially no longer has to do anything to lead a more than comfortable lifestyle.

The kids got a helping hand from property expert dad, Cam. Picture: 7 News

Now 47, the father is sharing his tips for how he went from being poverty-stricken as a teenager on a Victorian farm to a man with more than 100 pieces of real estate to his name.

The McLellan siblings’ property milestone comes after new research by property analysis firm Hotspotting revealed real estate was getting even further out of reach for many first time buyers, after several suburbs saw their median property value soar by $200,000 by just three months.

The average price of a home in Sydney’s exclusive Rose Bay jumped from $3.8 million to $4.09 million in that time while Northbridge, in Sydney’s lower north shore, lifted from $4.1 million to 4.3 million.

North Bondi leapt from $3.31 to $3.58 million, and Gymea Bay and Kogarah, based in Sydney’s south rose by $200,000 to rest at the same final number, $1.62 million.

Manly went from $3.51 million to $3.82 million, as did Killara in the north shore, going from $3.3 million to $3.63.

But the unassuming Queensland town of Ipswich stole the number one position in terms of home price growth, while other cities that got an honourable mention included the Queensland localities of the Gold Coast, Logan City and the state’s tropical north.

Western Australia’s Wanneroo City, South Australia’s Salisbury, Victoria’s Hume City, the Northern Territory’s Palmerston City as well as NSW’s Hunter Region also featured on the list.

– with Alex Turner-Cohen

Originally published as Melbourne six-year-old buys $671,000 home with pocket money