We all envy prior generations for being able to buy a three-bedroom home for 50p, as the notion of having your own property today is guaranteed to give you a headache.
The cost-of-living crisis, along with inflation, has seriously hampered—if not destroyed—the long-term ambitions of those saving to one day acquire their dream homes.
But, just to add salt to the wounds, an eight-year-old girl in Australia has become a homeowner.
Businessman Cam McLellan set out to ensure that his children would not have to worry about having their own home one day.
He began giving his three children pocket money every week, encouraging them to be financially responsible in an economy that is as challenging as ever.
This ended in the three children, 14-year-old Angus, 13-year-old Lucy, and eight-year-old Ruby, putting the £3,000 they had saved from monthly pocket money toward a deposit on a four-bedroom house.
And now, just two years later, the property is worth a whopping £500,000, up from £344,400.
However, the trio did not pay the entire deposit since their parents boosted it up to assist them secure the property, which means that all of their names appear on the title.
Cam, CEO of property investment company OpenCorp, told Today.com: “In ten years, when our kids start looking to buy their own homes, the deposits will be $200,000.”
“There’s no way kids of today are going to be able to afford a home without help from mum and dad.”
Fearing that house costs would surge to ‘astronomical levels’, which might result in needing support from ‘the bank of mom and dad’, the parents wanted to teach their kids about the benefits of saving money as soon as possible.
Cam told News.au: “The sooner you can get started the better because property prices will only continue to go up because we’ve got a huge under-supply of housing in Australia.”
But the decision hasn’t stopped them receiving criticism – with some trolls accusing Cam and his wife Felicity of exploiting their kids.
“It’s easy for someone who doesn’t have property or hasn’t made sacrifices, to be angry about it and easy to target a young kid who has a leg-up,” Cam went on to say.
“These days, young individuals lead quite colorful lifestyles. I worked three jobs, didn’t go out, and sold my car. “The younger generation must make sacrifices and delay gratification,” he revealed.
The 50-year-old went on to add that his children ‘are not silver spoons’; they simply ‘have a leg up’, just like anyone else could.
The house is presently rented out, making the siblings some of the world’s youngest landlords, and they appear to be considering purchasing a second home.
