Owning the house of our dreams is something that many people start working towards right after they enter their youth. It takes years, sometimes decades to save enough money and buy a dreamhouse for oneself. It is one of the biggest milestones in one’s life and often encompasses a lifetime’s worth of hard work or struggle to be a proud owner of a house. But such is not the case for 8-year old Ruby McLellan, who is believed to be the youngest homeowner in Australia after purchasing a home worth Rs 3 crore. Ruby managed the impossible by saving years worth of pocket money, along with her elder siblings Angus and Lucy, aged 14 and 13 respectively.
Together, all three of them saved Rs 5 lakh from their household chores and gave the deposit for the house. The price of this 4-room house purchased in Victoria two years ago is now around Rs 5 crore. Chief executive of property investment company OpenCorp and Ruby’s father Cam McLellan, who helped pay the rest of the amount, says that he guided his three children towards investing in real estate and is happy that they have started investing at a young age.
According to Cam McLellan, children nowadays rely on the “bank of mum and dad” to purchase property, highlighting the importance of starting investments at a younger age. He emphasised that initiating investments early is crucial, as property prices are expected to keep rising due to a significant undersupply of housing in Australia.
Currently, the children are beneficiaries of the trust, with their names on the title.
When the property eventually sells, each child will receive an equal share of the profits after taxes, which they can then use for other investments.The family’s goal is for the house to reach a value of $1 million by the time they decide to sell it. They plan to wait for “one full growth cycle” or until Angus and Lucy are in their early twenties before putting the property back on the market.
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