PHOTO: Jonathan Brownlee says he’s providing rental properties that Kiwis need. Photo / Michael Craig
Brace yourself millennials – Jonathan Brownlee is just 26 and already owns more than $20 million of property.
After his parents helped him buy his first Hamilton home for $413,750 in 2015, the Aucklander has steadily borrowed more from the banks until last week – while still aged 25 – he bought a block of eight units.
That took the number of properties he owns to 51.
He now owes $11m to the banks but has $9m in equity – the theoretical amount he would earn if he sold all his properties tomorrow…. according to the NZHERALD
He also pulls in about $1m in gross rental income.
But while riches so young would be enough to satisfy many Kiwis, Brownlee is nowhere near ready to stop.
“Now is probably an easier time to get equity because there are less people buying and less competition,” he says.
Brownlee’s housing empire is likely to either give millennials hope or make them weep at a time when many feel locked out of the housing market.
Brownlee hopes he inspires.
But critics accuse investors who buy vast swathes of housing of being mercenary and helping push prices up.
Regularly ranked one of the world’s most unaffordable cities, Auckland’s prices skyrocketed by as much as 30 per cent during the Covid-19 pandemic, hitting a record high $1.3m median sales price in November, according to the Real Estate Institute.
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