Lad, 8, becomes homeowner after buying £500k houses with help from rich dad

An eight-year-old lad has become one of the worlds youngest property owners after he shelled out £500k for a block of flats.

Michael Hamdan left auction-goers in shock when he put in the first bid on a series of one-bedroom apartments.

And the schoolboy-turned-developer bested six more-seasoned investors to walk away with the lot.

Michael beat off stiff competition with the help of his father, himself a property developer, and the money-man behind the scheme.

As the homes went under the hammer savvy Michael employed a strategy to "slow bidding down" as he led the bidding war from start to finish.

Mark Saleh, from Harcourts Greenacre, the selling agent, told "I've never seen anything like it.

"All the other bidders were a bit shocked."

The schoolboy won with an AUS $970,000 (£527,000) bid for a cluster of one-bedroom flats in Sydney Australia.

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But his dad had to hand the cheque over as Michael is too young to buy them himself.

The proud parent is trying to teach his son about the property market as early as possible to build up his confidence.

"I’m trying to teach him everything I know," he explained.

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"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."

Michael opened the bidding and led the auction from start to finish.

And the property investing schoolboy is now planning to renovate the flats and rent them out.

According to property expert ING, the little lad is actually 30-years younger than the average first-time buyer in Sydney.

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