In extremely Sydney news, an eight-year-old kid has become a property investor by snapping up a block of studio apartments for just under $1 mill.
And by that, we mean his property developer father brought the kid along to an auction as some kind of weird, housing-market-speculating marionette.
The Greenacre block contains five self-contained studio apartments which are estimated to lease individually for around $200 a week, according to the real estate agent.
But for one eight-year-old (or more likely his father), this whole thing is just a game.
“He was enjoying playing monopoly with the bids,” the father told the Daily Telegraph.
“We made it a fun experience.”
Obviously, an eight-year-old can’t legally buy real estate. There’s also no such thing as a self-made eight-year-old with with a cool $970,000 to splash on investment properties.
But that didn’t stop him from handing over the cheque to the seller, even if his name wasn’t on the piece of paper.
It will also be up to the kid to pick out the new fittings during renovation, apparently. Teach ’em young, is his father’s motto.
“I used to get very uncomfortable bidding at auctions, I know what it’s like. I hope this will build up his confidence,” he said.
If you ever wanted to see how the next generation of Sydney landlords is coming along, check back on this property in a few months, I guess.
And to the five unlucky people who may well be forced to pay rent to an eight-year-old as he learns the ropes of becoming a landlord: I’m sorry.
