With the housing market in flux and more and more adults being forced to rely on the bank of mum and dad, it can sometimes seem like being able to buy a property at all these days would require some kind of miracle fix.
Luckily, Australian property tycoon Tim Gurner has the answer: stop buying avocado toast.
Gurner, who is rumoured to be worth around $500m AUD, said a large part of the problem facing millennials stems from their poor spending habits and unreasonable expectations.
“When I was trying to buy my first home, I wasn't buying smashed avocado for $19 and four coffees at $4 each,” Gurner said in an interview with 60 Minutes.
“We're at a point now where the expectations of younger people are very, very high.
“This generation is watching the Kardashians and thinking that's normal – thinking owning a Bentley is normal.”
Property prices certainly are a big issue facing young people today. In a recent Plentific study it emerged that 58% of buyers under the age of 34 require financial help from their parents when purchasing a property.
However, responses to his 'advice' have been mixed at best and brutal at worst:
UN: 3 billion people live on less than $2.50/day.— Fred Clark (@SlacktivistFred) May 16, 2017
Rich people: If they'd stop buying Starbucks they'd double their income.#avocadotoast
I was gonna put a down payment on a house last year but then I spent $44,000 on avocado toast https://t.co/SvSEisua71— Jennifer Albright (@albrightjc) May 15, 2017
It's all so clear now: the plight of the millennial is clearly #AvocadoToast & not artificially-high property values due to lack of supply!— John Alan Jack (@Garacaius) May 16, 2017
Many critics of Gurner have pointed out how much the property market has changed in the years since he started out. Others have remarked that he would not be in his lucrative position if not for a $34,000 loan from his grandfather. However, Gurner fiercely defended the hard work that he put in on his rise to the top.
“My first investment property was an apartment bought for $180k in St Kilda and I was fortunate enough to have my boss at the time approach me to renovate it while he fronted up the money.
“I spent every night on my hands and knees sanding back the floors, painting, renovating and working on the house. When we sold it, I used the small profits of $12,000 to purchase my next property and it all grew from there. The most important thing for me was just to get my foot in the door at the absolute base level, and work my way up from there.
“I sacrificed a huge amount through those years, working multiple jobs, seven days a week and I saved absolutely every penny that I could.”
Using this $12,000, along with the loan from his grandfather, he took out a $150,000 loan at age 18. Now, at age 35, he has just been named as the youngest person on the Business Review Weekly 2016 Rich List.
Philip is always on the lookout for properties that inspire. He knows how frustrating home improvements and maintenance can be, which is why he covers everything from loft conversions to radiator repair! Phil’s main interest is in modern properties, with a particular soft spot for skyscrapers.