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Six-year-old buys $671K house in Melbourne with pocket money

Ruby McLellan and her siblings had initially saved up $2,000 each, by performing various tasks in and around their house

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Ruby McLellan, a six-year-old from Australia, along with her two siblings Lucy and Gus, have just bought a piece of land, as well as the partially-built house on it, for $671,000. The land is situated in Clyde, a suburb in eastern Melbourne, Australia.

“My name is Ruby and I’m six years old and I’m about to buy my first house,” Ruby told 7NEWS.

Ruby and her siblings had initially saved up $2,000 each, by performing various tasks in and around their house. The entrepreneurial trio then pooled this money, and saved it over the years, eventually acquiring enough money to buy the land at Clyde.

They were well-advised by their father, Cam McLellan, a property investment expert. "The price on that block has already gone up $70,000, so they’ve done well so far,” he said.

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Given the state of the Australian property market, where land and building costs, and the deposits required for them, are steadily increasing, he predicts that in the next 10 years, the land will double in value.

“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," he added. The little landlords plan to sell this land in 2032 and divide the profits.

• Offbeat
• Australia