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Clyde, Melbourne: Why a Dad helped his four young children buy a home amid booming property market

The father of a six-year-old girl who got together with her older siblings to buy a home hopes the purchase will give his children a head start in Australia’s tough property market. 

Cam McLellan, 47, encouraged his kids Hannah, 14, Gus, 12, Lucy, 11 and Ruby, six, to save $2,000 each to go towards a deposit on a block of land in Clyde, a rural suburb about 48km southeast of the Melbourne CBD.

The siblings packed thousands of their father’s property investment books in return for pocket money to save up and buy their very first home. 

The plot of land cost $671,000, with Mr McLellan and his wife Felicity helping their children reach the $120,000 deposit, while also designing the house that will eventually be theirs.

Speaking to Daily Mail Australia, the property investment expert said he wanted to help his children get a foothold in the market as early as he could.

‘It’s much harder now for people to enter the property market and in years to come it’s just going to get harder,’ he said.

Cam McLellan, 36, (pictured with wife Felicity and four kids) encouraged his children Hannah, 14, Gus, 12, Lucy, 11 and Ruby, six, to save $2,000 each to go towards a deposit on a block of land in Clyde, a rural suburb about 48km southeast of the Melbourne CBD

‘That being the case, my wife and I knew we were always going to have to help our kids get into the market and so we thought, why not now?’

Mr McLellan set up a trust to help his children secure the mortgage with plans to list the home on the rental market once construction is complete at the end of next year. 

He predicts the property will double in value to about $1,342,000 in 10 years.

The family will then sell the house with the kids splitting the profits.

But Mr McLellan insists it won’t be a ‘free ride’, with his four children paying back the portion of the deposit he and his wife put down.

In order to save the $2,000 each, Mr McLellan put his children to work packing thousands of his bestselling book My Four Year Old, the Property Investor, which has sold more than 120,000 copies.

‘They got 20c per book,’ he said. 

To save the $2,000 each, Mr McLellan (pictured with daughter Ruby) put his children to work packing thousands of his bestselling book My Four Year Old, the Property Investor, which has sold more than 120,000 copies

To save the $2,000 each, Mr McLellan (pictured with daughter Ruby) put his children to work packing thousands of his bestselling book My Four Year Old, the Property Investor, which has sold more than 120,000 copies

Mr McLellan is the director and co-founder of property company OpenCorp but says he and his wife don’t work because they live off their extensive investment portfolio.

‘Our kids have seen a very different lifestyle from us compared to some of their friends’ parents and I wanted to teach them that skill to invest,’ he said.

His older children already have their heads wrapped around what it takes to invest in properties, and concepts such as capital gains tax.

Ruby, Gus and Lucy McLellan (pictured) purchased the block of land with plans to eventually build on it and sell up in 10 years' time

Ruby, Gus and Lucy McLellan (pictured) purchased the block of land with plans to eventually build on it and sell up in 10 years’ time

Ruby (pictured) and her two siblings have officially become the proud owners of a brand new home in the latest indication of Australia's insane property market

Ruby (pictured) and her two siblings have officially become the proud owners of a brand new home in the latest indication of Australia’s insane property market

Mr McLellan even took them through a detailed analysis on the investment of the property, outlining all the costs associated with their latest purchase.

But for six-year-old Ruby, the idea of owning a house wasn’t as simple.

‘The older kids haven’t actually told their friends but Ruby keeps asking ”why can’t I have a sleepover in my new house”,’ he said.

As for investing, Mr McLellan says his kids now have the tools to set them up for life.

Cam McLellan (pictured with his partner) is the director and co-founder of property company OpenCorp and recently authored a step-by-step investment manual

Cam McLellan (pictured with his partner) is the director and co-founder of property company OpenCorp and recently authored a step-by-step investment manual

‘It’s something they’ve grown up being a part of, investing and looking at house plans,’ he said.

‘The kids will be smart investors, I don’t care professionally what they do, but they’ll have the smarts to do it – investing isn’t something you’re taught at school.

‘If people have got a better way of helping out their kids then good luck to them.’ 

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Read more at DailyMail.co.uk