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Eight-Year-Old Australian Girl Shatters Records By Buying $440k Home
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Eight-Year-Old Australian Girl Shatters Records By Buying $440k Home

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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.

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    Image credits: OpenCorp

    Cam wanted to plan ahead and save his children the stress of finding a home in the future.

    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.”

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    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

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    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

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    Marina Urman

    Marina Urman

    Writer, BoredPanda staff

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    Marina is a journalist at Bored Panda. Born in Buenos Aires, Argentina, she holds a Bachelor of Social Science. In her spare time, you can find her baking, reading, or watching a docuseries. Her main areas of interest are pop culture, literature, and education.

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    Marina Urman

    Marina Urman

    Writer, BoredPanda staff

    Marina is a journalist at Bored Panda. Born in Buenos Aires, Argentina, she holds a Bachelor of Social Science. In her spare time, you can find her baking, reading, or watching a docuseries. Her main areas of interest are pop culture, literature, and education.

    Karina Babenok

    Karina Babenok

    Author, BoredPanda staff

    Read more »

    As a visual editor in the News team, I look for the most interesting pictures and comments to make each post interesting and informative through images, so that you aren't reading only blocks of text. I joined Bored Panda not that long ago, but in this short amount of time I have covered a wide range of topics: from true crime to Taylor Swift memes (my search history is very questionable because of that).In my freetime, I enjoy spending time at the gym, gaming, binging Great British Bake Off and adding yet another tattoo artist that I would love to get a tattoo from to my pinterest board.

    Read less »

    Karina Babenok

    Karina Babenok

    Author, BoredPanda staff

    As a visual editor in the News team, I look for the most interesting pictures and comments to make each post interesting and informative through images, so that you aren't reading only blocks of text. I joined Bored Panda not that long ago, but in this short amount of time I have covered a wide range of topics: from true crime to Taylor Swift memes (my search history is very questionable because of that).In my freetime, I enjoy spending time at the gym, gaming, binging Great British Bake Off and adding yet another tattoo artist that I would love to get a tattoo from to my pinterest board.

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    Gwyn
    Community Member
    9 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    Headline should be: Rich Parents buy 8yo a house, claim it's because kid is financially savvy.

    kansasmagic
    Community Member
    9 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    Let's be real: the kid's *name* is on the title, but she didn't *buy* the house. It's good for the kids to learn how to save, but a combined $6k won't pay for a damn thing without regular income or other assets. You know, the kind of things you need to have first, before a bank will offer you a mortgage loan. Her dad bought the house, for his kids. It's a nice gesture, and he's a good dad for looking after his kids' financial interests, but most of us lack either a father willing and able to buy a half million dollar house in our name, or the means to buy such houses for our own kids.

    PFD
    Community Member
    9 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    I'm guessing the tax accountant had a lot more say than the kid in this purchase decision, too.

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    Gwyn
    Community Member
    9 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    Headline should be: Rich Parents buy 8yo a house, claim it's because kid is financially savvy.

    kansasmagic
    Community Member
    9 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    Let's be real: the kid's *name* is on the title, but she didn't *buy* the house. It's good for the kids to learn how to save, but a combined $6k won't pay for a damn thing without regular income or other assets. You know, the kind of things you need to have first, before a bank will offer you a mortgage loan. Her dad bought the house, for his kids. It's a nice gesture, and he's a good dad for looking after his kids' financial interests, but most of us lack either a father willing and able to buy a half million dollar house in our name, or the means to buy such houses for our own kids.

    PFD
    Community Member
    9 months ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

    I'm guessing the tax accountant had a lot more say than the kid in this purchase decision, too.

    Load More Replies...
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