Image via Instagram/ @mark.saleh1 //
What were you doing when you were eight?
A Sydney eight-year-old has become one of the world’s youngest property developers, dominating a Sydney auction and coming away with five apartments as a result. Young Michael Hamdan got into a bidding war with six other people over the Juno Parade properties, which were expected to sell or $800,000. However, the young hustler managed to gain the upper hand in the action, using a strategy taught to him by his property developer father to “slow bidding down” and ultimately bagging the properties for around $962,000.
Speaking on the youngster’s involvement in the auction, Mark Saleh, the agent who sold the property, said “I’ve never seen anything like it. All the other bidders were a bit shocked.”
But it seems young Michael is destined for a life in property development, with his dad purchasing the properties for him to get him fully involved in the process. Speaking on the decision to involve his son in the auction, Saleh said “I used to get very uncomfortable bidding at auctions, I know what it’s like. I hope this will build up his confidence. Michael will be involved every step of the way… he’ll make the choices.”
“I’m trying to teach him everything I know.”
It’s also reported that the young man led the auction from start to finish, starting bidding and leading the flow of pricing throughout. And in a glorious addition to sweeten the deal, young Michael got to hand over the cheque to the sellers, once everything was finalised.
The family are set to do up the homes before renting them out after. I’m sure this isn’t the last we’ll hear from the young eight-year-old any time soon…
