6-Year-Old Girl And Her Siblings Use Allowance To Buy Their First Home Together

A 6-year-old girl and her siblings have become the proud owners of a house in the suburbs. The children paid for the home in Melbourne, Australia, with the money each of them had saved up by doing chores.

Ruby McLellan, along with her sister Lucy and brother Gus, each pitched in about $2,000 each, to buy their first home together in Clyde, Melbourne. “My name is Ruby and I’m six years old and I’m about to buy my first house,” Ruby told 7NEWS.

The trio's father is a property investment expert and he helped his children buy their own piece of land amid ever-rising property rates. “Financially they have each contributed $2000 and they have saved that up,” father Cam McLellan said.

The house currently costs $671,000, but McLellan predicts it will double in value in 10 years. “The price on that block has already gone up $70,000, so they’ve done well so far,” the proud dad added.

The siblings saved up money over the years by helping around the house by doing chores and helping her dad—who is a bestselling author—pack his books, according to New York Post.

“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,” McLellan said, of his book.

The McLellan siblings plan on retaining the property until 2023, and split the profits among them. By then, the prices will double, predicts the father.

This investment comes at a time where many parents in Australia are worried about their children not being able to afford a home of their own due to the steep rise in prices. In fact, it costs about $1 million to buy a house in Australia, states New York Post.

Property prices in Melbourne have specifically increased by 19.5% in the past year alone, per The Urban Developer.

“If the Australian housing market does not slow down by mid-2022, APRA [Australian Prudential Regulation Authority] will keep intervening until it does. We cannot afford another year of 20 percent plus gains across the national housing market,” Louis Christopher, the managing director of SQM Research, said, as per the NYPost.

Data from the Commonwealth Bank also showed that a quarter of Australians have considered buying property with a "non-traditional" partner including parents, siblings or friends.