A YOUNG rich lister who made his fortune off the back of Australia’s capital city property boom says his generation needs to stop buying $4 coffees and travelling if they want to own a home.
Developer Tim Gurner, 35, is worth nearly half a billion dollars but has delivered a brutal smackdown to some would-be first home buyers struggling to get a toehold in the market.
“When I was buying my first home, I wasn’t buying smashed avocado for 19 bucks and four coffees at $4 each,” he told 60 Minutes in a segment exploring Australia’s housing affordability crisis.
“You have to start to get realistic about your expectations. There is no question we are at a point now where the expectations of younger people are very, very high.
“They want to eat out every day, they want to travel to Europe every year. This generation is watching the Kardashians and thinking that’s normal. Thinking that owning a Bentley is normal, that owning a BMW is normal.
Mr Gurner, who ranked 157 on this year’s Financial Review Rich List after making $473 million in 10 years He started out by>>>>…MORE