Aussie clothing store worker buys 17 homes in one year

A 32-year-old Aussie clothing store worker bought a mind-blowing 17 homes last year while interest rates were rising, and says ‘if I can do it, anyone can’.

Ben Mafrici bought 17 properties in 2024 while interest rates were rising. Picture: Jake Nowakowski

A 32-year-old Aussie clothing store worker bought a mind-blowing 17 homes last year while interest rates were rising, and says ‘if I can do it, anyone can’.

Ben Mafrici who works senior retail for Hugo Boss in Melbourne - a role where the salary sits around $80k - said his 2024 purchases were above and beyond anything he’d ever imagined being able to do in his lifetime.

“I’ve been through so much cr*p,” he said of his journey, but kept a laser focus on building a property portfolio to make up for a lack of a university degree.

“I don’t splurge on anything except property,” he said. “I had the biggest year of my career in terms of property investing.”

MORE: Dozens of homes set for forced sale

Inside Aussie Rapunzel tower fairy tale home

’If I can do it, anyone can.”

Ben Mafrici's Rosslea property in Queensland bought in June last year for $1m has an AI valuation as high as $1.22m now.

Ben Mafrici's properties don’t have to be pretty, just make financial sense.

Mr Mafrici worked three jobs to be able to keep buying property when lenders rejected him for hitting his one salary limit, with his now 38-strong portfolio allowing him to finally take a step back to just one full-time job - his longstanding retail role at Hugo Boss and a journey that’s taken 12 years.

“It’s insane, right? If I can do it, anyone can. I’m just working a normal, full time wage with a normal income now. I’m not on a high income or anything like that.”

He said interest rates were constantly on his mind when he first started out and he’s ready for rate cuts to begin this year.

“I know that the US have lowered their rates, as well as New Zealand, so we tend to be not far behind. Rates haven’t been good for anybody, but it’s just about being strong and weathering that storm any way you can.”

MORE: Mega payday for ex NRL ironman

Payne Haas’ year: New coach, new bub, new house

Ben Mafrici has 38 properties in his portfolio now.

He bought this Currajong block of units in Queensland with nine bedrooms and five parking spots in 2024 for $685,000 which has a valuation as high as $802,000 now.

Ben Mafrici owns townhouses in areas such as Woodridge in Brisbane’s south.

He said a lot of his growth came out of his Queensland homes which had doubled in value.

“Homes I was buying for around $200,000 were $500,000 now, which is insane.”

Among his 2024 additions to his portfolio were 10 units in Queensland, bought as part of two buildings in a company name, one of which he paid $685,000 for last year that now has an automatic valuation as high as $802,000. The second bought in June last year for $1m has an AI valuation as high as $1.22m now.

He also added a combination of five units and townhouses in Perth, and two further properties in Melbourne.

His high yields of 9 to 11 per cent across some outstanding segments of the portfolio have helped get him there.

“I knew I needed those in order to keep going. It goes back to being financially literate and just knowing what sort of properties to buy at the right time.”

“It’s been insane in the last year. It’s just blown up.”

MORE: Listed: Every housing hand-out you can get

No-go zones: Worst suburbs for investors revealed

One of Ben Mafrici's Surfer's Paradise units is in this complex.

One of Ben Mafrici's Burleigh Waters’ properties. The area saw some of the strongest price growth during the pandemic.

“I had to build a portfolio that was somewhat recession proof to an extent. Entry level properties, cheaper properties with high yields that would look after themselves,” he said

“But,” he added, “you have to make sure you’re getting a discount on those properties so if you do sell you’re not losing much.”

“You’ve just got to start small. I never would have thought almost a decade ago when I was buying properties at $150,000 to $200,000 that now I’d be looking at properties that are $4.5m to nearly $5m.”

Mr Mafrici said it took two years of hard saving on a weekly income of $600 a week to buy his first property for $335,000 12 years ago - off a $33,000 deposit. That focus is now paying off, with all his properties surging in value and allowing him to add to his portfolio.

“I’ve just got a lot more knowledgeable on finance and the banking system and what they look for in order to keep buying. During that period (before 2024), all my other 21 properties that I’d purchased previously had all appreciated in value as well as the rents. That allowed me to go on and continue buying.”

Ben Mafrici's first property was in Endeavour Hills in Melbourne which he has now sold.

Mr Mafrici, who loves Melbourne, said the market there was beginning to show signs of hope, especially 25 to 30 minutes out from the CBD.

”Due to the amount of immigration coming through, and what’s happening with government policy, there’s going to be a need for housing and I just don’t think that they’re going to be able to build them as quick as people are coming in.”

“I think it’s a good time to buy,” he said. “Just seeing what I’ve achieved in the last year, it’s really expanding my mindset. I believe in the next couple of years I can reach that 100 property mark, definitely.”

FOLLOW SOPHIE FOSTER

Originally published as Aussie clothing store worker buys 17 homes in one year