An Australian millionaire has a simple solution for how millennials can own houses: stop eating avocados.
Tim Gurner, a luxury real estate developer in Melbourne, was asked on TV program “60 Minutes in Australia” why property has become unaffordable and this was his reply:
“When I was trying to buy my first home, I wasn’t buying smashed avocado for $19 and four coffees at $4 each,” said the man who reportedly has half-a-billion dollars in his bank account. “We’re at a point now where the expectations of younger people are very, very high.”
“We are coming into a new reality where … a lot of people won’t own a house in their lifetime. That is just the reality,” he added.
When the host asked him if some young people will never be able to own a home, he said, “Absolutely, when you’re spending $40 a day on smashed avocados and coffees and not working. Of course.”
The 35-year-old entrepreneur then offered his own experiences living the Spartan life.
“When I had my first business when I was 19, I was in the gym at 6 a.m. in the morning, and I finished at 10:30 at night, and I did it seven days a week, and I did it until I could afford my first home. There was no discussions around, could I go out for breakfast, could I go out for dinner. I just worked.”
A recent survey by HSBC found that in Australia, only 28 percent of millennials own homes. The major issue is the overwhelming cost of buying a house; many people had to get financial help from their parents to acquire one. Not surprising, since an “uninhabitable hovel” in Australia can cost over $1 million and foregoing avocados for brunch is not a feasible way to save that much money.
Gurner also failed to mention that his grandfather left him a not-insubstantial inheritance of A$34,000 ($25,207) to start his empire, so news flash for him: Not everybody's grandfathers are so generous or so rich.
Understandably, his remarks caused a furor among netizens, who claim the millionaire is out of touch of reality.
Really glad #TimGurner figured out why im broke. Apparently ive been paying for avocado toast I havent been eating. God damn it Mexico.— Fesquire (@Fesquire) May 15, 2017
#TimGurner thinks if I skip coffee and smashed avocado I can buy a house. Coming from a man who inherited $34k from his grandfather.— Shri Rajen (@ShriGRajen) May 15, 2017
#TimGurner we don't all watch the Kardashians and think we can easily own a Bentley. His comments are just ignorance at it's finest.— Shri Rajen (@ShriGRajen) May 15, 2017
Banner/thumbnail credit: Reuters