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.
- 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.
An 8-year-old girl from Australia has become one of the world’s youngest homeowners after being listed as a property owner of a US $440,000 home at the age of six
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.”
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
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.
I'm guessing the tax accountant had a lot more say than the kid in this purchase decision, too.
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This is such a "rich person brag" that it makes me nauseous. The kid didn't buy the house, the dad did and stuck his kid's name on it as a way to brag that his kids "own" it. SMH.
I am going to put my toddler on the title of my house so he becomes the youngest person to buy a house at the age of 2 lol
Here, I fixed the headline for you, BoredPanda: "Wealthy family buys kid a house."
Property investment, or real estate prospecting is terrible. When the ultra wealthy buy up all the available housing they effectively have control over the housing market. As greedy humans this is very bad for the housing crisis. Everyone should be able to afford a home, they had no say in being brought into this world so they ought to have access to their own place to exist in it. I've seen how real estate investment destroys the housing economy and the aftermath of having a population that cannot afford it. Look at the homeless crisis that is literally destroying California right now, rent is too high for the average single worker, mortgage is out of the question when you have to drop thirty thousand dollars on a down payment! Housing is just another way the rich take from society while giving back next to nothing. There's a family that can't buy a house but these toddlers are being groomed to be the next generation of problems.
Pretty sure we'll hear how she became a millionaire by getting up every morning at 5am, working a hard 20 hour day and most of all having seed capital of £900,000... Just like Gates, Musk, that odd look Amazon fella and the rest of them...
Getting paid to do housework. How about teaching kids that when you live together you share the chores.
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.
I'm guessing the tax accountant had a lot more say than the kid in this purchase decision, too.
Load More Replies... This is such a "rich person brag" that it makes me nauseous. The kid didn't buy the house, the dad did and stuck his kid's name on it as a way to brag that his kids "own" it. SMH.
I am going to put my toddler on the title of my house so he becomes the youngest person to buy a house at the age of 2 lol
Here, I fixed the headline for you, BoredPanda: "Wealthy family buys kid a house."
Property investment, or real estate prospecting is terrible. When the ultra wealthy buy up all the available housing they effectively have control over the housing market. As greedy humans this is very bad for the housing crisis. Everyone should be able to afford a home, they had no say in being brought into this world so they ought to have access to their own place to exist in it. I've seen how real estate investment destroys the housing economy and the aftermath of having a population that cannot afford it. Look at the homeless crisis that is literally destroying California right now, rent is too high for the average single worker, mortgage is out of the question when you have to drop thirty thousand dollars on a down payment! Housing is just another way the rich take from society while giving back next to nothing. There's a family that can't buy a house but these toddlers are being groomed to be the next generation of problems.
Pretty sure we'll hear how she became a millionaire by getting up every morning at 5am, working a hard 20 hour day and most of all having seed capital of £900,000... Just like Gates, Musk, that odd look Amazon fella and the rest of them...
Getting paid to do housework. How about teaching kids that when you live together you share the chores.
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