Growing up in housing commission with a single mum in the Mount Druitt area on Sydney’s outskirts, Edward Dilleen has bucked the trend and accrued a portfolio of six investment properties. And he’s only 24.
But it’s not wealthy parents or a high-paying job that has allowed him to leapfrog many other 20-somethings yet to even buy a first home. It’s property know-how and goal setting from an early age.
“I want to get to the stage where I’m able to purchase my dream house. Whether that’s acreage or whether it’s a beachfront, I’m not quite sure yet, but it’s something where I just want to have that security there,” Mr Dilleen said.
“I don’t want to have to be worried about money. Growing up I felt helpless and it’s something I never want to feel again.”
Working at McDonalds part-time for several years of high school, reading property investment books in his spare time, he managed to save about $20,000. This became his deposit and costs for a $138,000 apartment in Tuggerawong, NSW, which he bought at 19.
“I don’t want to have to be worried about money. Growing up I felt helpless and it’s something I never want to feel again.”Edward Dilleen
Two years later, living at home with his mum and continuing to save, he used some savings and some equity growth in the Tuggerawong property to purchase a townhouse in Elizabeth South, South Australia for under $150,000.
After a year-long break, he went on a buying spree. In 18 months from January 2015, he bought four properties, including three apartments in Queensland and another townhouse in South Australia.
Today, he has $1.5 million worth of real estate in his portfolio