How Alex Veljancevski built his eight-property portfolio at just 31

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PHOTO: Alex Veljancevski

Alex Veljancevski purchased his first home at just age 19 and has gone on to build a property portfolio worth $5.2 million, which recently allowed him to buy his dream family home in Sydney’s inner west.

When other teenagers would most likely be relying on their parents, he launched his own business selling cameras sourced from Hong Kong. These were shipped straight to the buyer from his supplier for around $500 less than the major retailers back in 2006.

It saw him at just 16 cashed up with thousands of dollars to his name. He invested some of the profit into shares and also saved up a deposit of $80,000 from the money he made in the business.

Then at 19 he made his first move into the property world with the purchase of a three bedroom, two bathroom apartment in Sydney’s south west in the suburb of Liverpool.

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“The owner that sold it to me paid the same amount nine years prior. It made no growth in that eight or nine years as the previous owner bought it at the peak of the market in 2002 and I bought it in 2010 when the market went sideways for about eight years,” he told news.com.au.

While rent has only increased by $40 to $440 in the last 12 years, Mr Veljancevski said his interest rates have also dropped from 7.5 per cent to 2 per cent.

The unit, which is now worth $600,000, is privately managed and still has the same tenant in it from 2010.

“I was a kid when I bought and that’s the last time I saw it. I haven’t done any inspections in all that time,” he admitted.

It didn’t take him long to snap up his next property – eight months later he purchased the penthouse apartment in the same Liverpool complex as his first home.

Spread over two floors, he paid $361,000 for it using the equity from the first place, and it’s now worth $650,000.