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Eight-Year-Old Buys Five Properties At Sydney Auction For More Than £500,000

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Eight-Year-Old Buys Five Properties At Sydney Auction For More Than £500,000

An eight-year-old Australian boy has become one of the world's youngest property developers after purchasing five apartments in Sydney at auction for AU $970,000 (£530,000).

Michael Hamdan engaged in a bidding war with six other people before claiming the Juno Parade cluster of properties, which were expected to sell for AU $800,000 (£438,000).

Eventually, the youngster won out by employing a strategy to 'slow bidding down' and using assistance from his father, who is also a property developer.

Mark Saleh, the agent who sold the property, told Realestate.com.au the entry of the eight-year-old boy sent a shockwave through the auction.

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He said: "I've never seen anything like it. All the other bidders were a bit shocked."

Credit: Harcourts
Credit: Harcourts

So, young Michael was not actually able to purchase the homes directly - he is eight, after all - but his dad bought them for him to involve him fully in the process and teach him some of the skills needed for a career in property development.

His dad said: "I used to get very uncomfortable bidding at auctions, I know what it's like. I hope this will build up his confidence.

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"[Michael] will be involved every step of the way... he will make the choices."

He added: "The property market is difficult to get into, I wanted to train my son up... we saw this as a good investment.

"I'm trying to teach him everything I know."

Hopefully, the young man has decent taste in interior decorating and a keen eye for detail when it comes to fixtures, fittings, and the like.

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Either way, he'll have the expertise of his dad behind him all the way, so he'll learn a lot from the process at a very young age. That can't possibly be a bad thing.

Credit: Harcourts
Credit: Harcourts

Michael's dad added that his son had enjoyed the hurly-burly of the bidding process, and had particularly enjoyed monopolising the bids.

So, he's a confident lad, that's for certain.

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Not only did the youngster bid on the properties first up, he also led the auction from start to finish, for the most part.

Then, in finalising the deal, he was allowed to hand over the cheque - presumably signed by his dad - to the sellers to make everything official.

Now, the family team will do up the houses, before renting them out afterwards.

According to research by Australian bank ING, the average age for a first time buyer in Sydney is 38-years-old.

Featured Image Credit: Harcourts/Facebook

Topics: World News, Interesting, Australia

Tom Wood
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