An eight-year-old boy bought five apartments worth more than £500,000.
Schoolboy Michael Hamdan is now a property developer after buying the cluster in Sydney, Australia, for AU $970,000 (£530,000) following a bidding war at an auction on Saturday.
He managed to beat off competition from six others for the one-bed flats in the New South Wales city’s Juno Parade with the help of his dad – a property developer himself – who gave his son advice, as well as funding the venture.
“I’ve never seen anything like it,” Mark Saleh, from Harcourts Greenacre, the selling agent who sold the properties to young Michael.
He told realestate.com.au: “All the other bidders were a bit shocked.”
Michael handed over his dad’s cheque after the win as he’s too young to buy them himself.
The proud parent is trying to teach his son about the property market as early as possible and had advised a strategy of ‘slow bidding down’.
“I’m trying to teach him everything I know,” he explained.
“I used to get very uncomfortable bidding at auctions, I know what it’s like.
“I hope this will build up his confidence.
“The property market is difficult to get into. I wanted to train my son up…we saw this as a good investment.”
The confident youngster opened the bidding and led the auction from start to finish.
The pair will renovate the properties and then rent them out.
Michael is to pick the interior decorating as well as fixtures and fittings.
He is 30 years younger than the average first-time home buyer in Sydney, according to property expert ING.
He was pictured outside the properties with his thumbs up alongside Mr Saleh.