An 8-year-old girl from Melbourne, Australia, has become one of the world's youngest homeowners after being listed as a property owner at the age of six.
In December 2021, Ruby McLellan became the owner of a four-bedroom property valued at US $440,000 and located on the outskirts of the second-most populous city in Australia. Ruby purchased her first home alongside her siblings, Angus, 14, and Lucy, 13.
Highlights
- An 8-year-old from Australia has become one of the world's youngest homeowners.
- The four-bedroom property was bought as a future investment, expected to double in value.
- Ruby and her siblings contributed to the family purchase by saving pocket money.
According to Australian Law, anyone under 18 years of age can own and purchase a property with their name on the house title.
Of course, the fact that Ruby's father is Cam McLellan, the CEO of property investment company OpenCorp, played a part in her pricey purchase.
Image credits: OpenCorp
In ten year's time, once the kids get older, the father predicts that property prices will be "astronomical."
"Historically, every seven to ten years, property doubles in value," the 50-year-old dad explained.
"I've been investing for 30 years, and now is a great time to invest based on inflation decreasing and the prediction of interest rate drops."
Ruby McLellan owns the four-bedroom house along with her siblings, Angus, 14, and Lucy, 13
Image credits: OpenCorp
The property has been put into a trust, and Cam and his wife Felicity will keep it until Lucy and Angus are in their early 20s.
By then, Cam estimates that the "full growth property cycle" will have significantly increased the house's value.
To teach the children the value of money and hard work, Cam and Felicity gave their children money to do household chores. This approach enabled the children to feel a sense of contribution, no matter how small, towards the purchase of their first home.
"Financially, they have each contributed $2000 [USD $1,314], and they have saved that up," Cam told the Australian outlet 7 News about his children's pocket money.
“Even as an eight-year-old, [Ruby’s] getting a grasp of the concept of buying and selling property.”
The McLellan siblings raised pocket money to contribute to the family purchase
Image credits: OpenCorp
Learn more about Ruby's story below
Image credits: OpenCorp
The children have also raised money by helping their father pack his best-selling book.
"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," the proud dad said.
Cam and Felicity purchased their first property together in their early 20s with the goal of becoming "financially free."
If his predictions prove true, the property will double in value by 2032. At that point, the children will be able to sell up the home and divide the profits, assisting them in purchasing their own houses.
So, how does it feel to be her country's youngest homeowner at the tender age of six? "Pretty cool," Ruby told the DailyMail.
"The tooth fairy must pay OK nowadays," someone joked
