A millionaire Gen Z investor and adult content creator has revealed she rents a Gold Coast apartment for $950 a week despite owning three other properties.
OnlyFans favourite Grace, 26, earnt $1m within a year from the online subscription platform and turned to real estate investment to parlay her new-found wealth.
While she admits she was clueless about property at first, Grace researched the market and engaged a local buyer’s agent who found high-yielding investment options within rising suburbs in both Victoria and Queensland.
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OnlyFans model Grace aka Grace Wears Lace
Grace — known online as Grace Wears Lace — purchased off the plan, a strategy which carries some risk since buyers are essentially investing in a product that does not exist because the properties have not yet been built.
“It is important to speak to financial advisers, get some second opinions and do the research to make sure the property in that estate is actually going to be completed,” she said.
“You need to be sure the developers have the funds and will hopefully be able to stick to the time frame for completion.”
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Grace secured her first home in a masterplanned community in 2020
Grace put down a cash deposit in 2020 to secure her first home, a newly built three-bedroom house in a masterplanned community west of Melbourne. It cost $650,000 and is rented out at $650 a week.
She then bought a $650,000 Melbourne city unit. Grace splits her time between there and the Gold Coast, where she pays $950 a week rent for a two-bedroom, one-bathroom apartment.
“My rent on the GC is crazy high for a very not luxury apartment,” she said.
“It’s very basic and I cannot wait to leave it and move into a nicer place.”
The median rent for a two-bedroom unit in the beachside market has soared by 15.4 per cent over the past 12 months, PropTrack data shows.
Home values in the emerging Victorian market where Grace bought a house have soared $150,000-plus since
Grace bought into a Brisbane apartment project
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Grace’s third property was also purchased off the plan for $700,000, within a Brisbane city development still under construction. Grace said the build had been delayed, but she planned to move in once it was completed later this year.
“When I started OnlyFans it was very popular straight away and my income went through the roof,” the former receptionist said.
“I was uneducated about what to do with this influx of money because I’d always been broke.
“I had to figure out the best thing to do – get stock, crypto or buy real estate.”
Her past experience as a tenant spurred her to become a homeowner
Grace said her past negative experiences renting swayed her towards owning property of her own, and her five-figure monthly earnings meant she had enough cash for a deposit within weeks.
“Since I’m a tenant now and also a landlord, I can appreciate that everyone has had a bad experience renting. I was once renting a place in Melbourne and the air conditioner broke down in the heat of summer for a month, and they [the landlords] basically ignored me.
“It was late 30s, early 40s-degree heat in the middle of summer. That was a real low point and I remember thinking, ‘f*** this, I want my own home’, and that became a pinnacle moment.”
Gold Coast rents have soared over the past year