Allister Lewison was working at Woolworth’s on the night shift when he bought his first investment property. At the age of 20, a two-bedroom unit in Boronia on the outskirts of Melbourne.
With the guidance of his father, Lewison was able to place a deposit and continue his studies in business and marketing.
Fast-forward to today, and Lewison has accumulated $24 million from a long list of outer suburb investment properties across Australia. Lewison will debut on the BRW Young Rich List this coming Friday.
“I got some capital growth in that first year and then one property turned into two, two turned into four and so on,” Lewison told to BRW.
“I just figured that first one was a good investment, having other people pay your mortgage for example. My dad was also investing in property and he showed me what to do, what was a good area to invest in, here’s what to talk to the bank about and all that sort of thing.”
Lewison is one of a small handful of young property developers debuting on the BRW Young Rich this year. He is unique in being the only debutante to have made a career investing in outer suburbs, instead of metropolitan areas.
Lewison has preiously established a successful telecommunications and IT firm with his brother in law, placing on several BRW Fast Starts and Fast 100 lists before the businesses were sold.
Today, Lewison has a full-time career in property at investment advisory and development business OpenCorp.
“We started by accident really. My brother and brother-in-law were also investing and putting money into developments in the outer areas [of Melbourne] so we started to compete for the same places. So we figured we should pool our resources and go into business together.”
Since its establishment in 2012, OpenCorp has quickly grown to become one of Australia’s most trusted property investment and fund management companies.