An Australian six-year-old and her siblings have saved up their pocket money to buy something most kids can only dream of - their first home. 

With the property market booming both here and across the ditch, many parents fear they will never own their own home - let alone their children. 

But Ruby, Lucy and Gus McLellan have just put their little feet on the first step of the property ladder. 

"My name is Ruby and I'm six years old and I'm about to buy my first house," Ruby told 7 News in Australia. 

Ruby just bought a house. Photo / 7 News 

It may come as little surprise that their father, Cam McLellan, is a property investment expert who has guided the trio through the process. 

"Financially they have each contributed AUD$2000 and they have saved that up," the proud dad said. 

McLellan revealed how the enterprising children had earned their small fortune, saying they were paid for household chores - and for packing boxes of their father's best-selling book: My Four-Year-Old, The Property Investor. 

"It's written for my kids to use when they're old enough, so I've outlined all the steps it takes to build a property portfolio," McLellan said. 

The house and section in Melbourne's southeast cost AUD$671,000 ($709,000), but McLellan predicts it will double in value in 10 years. 

"The price on that block has already gone up AUD$70,000, so they've done well so far," he said. 

The kids plan to sit on the property for 10 years before splitting the profits. 

Cam McLellan used his property smarts and personal wealth to his kids into their first home. Photo / 7 News 

Back in New Zealand – and back in reality – the real future for young people is very different. 

Unabated - and escalating - housing costs in Auckland are causing mental health problems, prompting relationship issues, and contributing to some of the country's other ailments, according to some at the raw end of the city's market. 

Since Auckland went into lockdown, the average house in the region is $113,000 more expensive. The average one now costs $1.48 million, up 28 per cent in the last 12 months. 

Even a home at the lower quartile - half of the average cost - has risen $120,000 in that time, to $752,000 from $631,000 12 months ago, an increase of more than $100,000 in a year. 

For some young people in Auckland, if you don't laugh at the cost of housing, you cry. 

"It's f***ed," Jonny, a young construction worker, laughed. "Pretty much, yeah. It's f***ed. Unreal." 

- Additional reporting, RNZ