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Eight-year-old buys five properties worth more than £500,000

Michael Hamdan is just eight – but he’s already a property developer.

The boy, from Australia, recently bought five properties for more than AU $970,000 (£530,000) at an auction in Sydney.

He was helped (and funded) by his dad, who already buys and sells houses for a living.

Michael bought the cluster of properties at Juno Parade after a bidding war with six other people.

They were expected to sell for around AU $800,000 (£438,000) so he went quite a bit over that.

His dad was able to offer him advice on what to do and he employed a strategey of ‘slow bidding down’.

Mark Saleh, from Harcourts Greenacre who sold the properties, told ‘I’ve never seen anything like it. All the other bidders were a bit shocked.’

Because of his age, Michael wasn’t actually able to buy the properties himself but he handed over his dad’s cheque as part of the transaction.

His dad said that he had bought them for him and he wouldn’t just be involved in the bidding.

He wants Michael to learn all about the property market from a young age.

‘I’m trying to teach him everything I know,’ he said. ‘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.’

They plan to renovate the properties together and then rent them out, with Michael picking out the fixtures and fittings along the way.

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