‘I wasn’t buying smashed avocado for $19’: Property tycoon’s advice

A young property tycoon says Generation Y needs to stop travelling and spending money on overpriced food to save for their first home.

Tim Gurner, 35, from Melbourne , has amassed nearly half a billion dollars since buying his first investment property when he was just 19 years old.

He said his generation can become home owners by changing their spending and lifestyle habits, despite Australia’s housing affordability crisis.

‘When I was trying to buy my first home, I wasn’t buying smashed avocado for $19 and four coffees at $4 each,’ he told Channel Nine’s 60 Minutes program.

Tim Gurner (pictured with his wife Aimee), 35, believes Generation Y needs to stop travelling and spending money on overpriced food to save for their first home

Tim Gurner (pictured with his wife Aimee), 35, believes Generation Y needs to stop travelling and spending money on overpriced food to save for their first home

‘We’re at a point now where the expectations of younger people are very, very high. They want to eat out every day, they want travel to Europe every year.

‘This generation is watching the Kardashians and thinking that’s normal – thinking owning a Bentley is normal.’

Mr Gurner, who was the youngest new entrant to the BRW’s 2016 Rich List, said Generation Y needs to lower expectations when it comes to the property market.

‘You’re not going to get a house in (Melbourne’s) Camberwell for $700,000. You’re not going to get one in Alexandria in Sydney or in Newstead in Brisbane,’ he said.

Tim Gurner (pictured), 35, from Melbourne, has amassed nearly half a billion dollars since buying his first investment property when he was just 19 years old

Mr Gurner (pictured), from Melbourne, has amassed nearly half a billion dollars since buying his first investment property when he was just 19 years old

Mr Gurner says Generation Y needs to start saving for their first home amid the Australia's housing affordability crisis

Mr Gurner says Generation Y needs to start saving for their first home amid the Australia’s housing affordability crisis

'We're at a point now where the expectations of younger people are very, very high,' said Mr Gurner (pictured centre)

‘We’re at a point now where the expectations of younger people are very, very high,’ said Mr Gurner (pictured centre)

‘The market has changed. You can go to Perth, you can go to Darwin. But you have to start to get realistic about your expectations.

‘You might have to buy an investment property first. You might have to share with mum and dad – you might have to buy with a friend.

‘But you’ve got to get your foot in the door and you’ve got to slowly get up the ladder.’

Mr Gurner’s comments were met with a mixed reaction on social media, with many suggesting he got his own foot in the door with help from his family.

He began his property empire when he purchased a gym in Melbourne’s south in 2001 after borrowing $34,000 from his grandfather.

'You've got to get your foot in the door and you've got to slowly get up the ladder,' said Mr Gurner (pictured with his wife)

‘You’ve got to get your foot in the door and you’ve got to slowly get up the ladder,’ said Mr Gurner (pictured with his wife)

Mr Gurner's comments were met with a mixed reaction on social media, with many suggesting he got his own foot in the door with help from family

Mr Gurner’s comments were met with a mixed reaction on social media, with many suggesting he got his own foot in the door with help from family

One social media comment read: ‘Maybe the new home buyers would stand more of a chance if they were given 34K by their grandad… that’s a fair few smashed avos.’

Another added: ‘Nice if you can get it,’ while one commented: ‘Much like Trump’s dad gave him a “small loan of $1Mil.’

After spending a month renovating the property and getting his gym licence, Mr Gurner turned the investment into a thriving business.

He ran the gym for another 12 months before selling it to a competitor and starting his career as a property developer.

After founding his company, Gurner, in 2013, he now has billions of dollars worth of projects across Australia.

Mr Gurner appeared on the BRW Young Rich List in 2015 in eighth place when he was worth $430million.

That year, he made more than $10million in an hour when buyers snapped up penthouses in his luxury development in Melbourne, domain.com.au reported.

He recently told the Australian Financial Review his biggest flaw is being a perfectionist.

He began his property empire when he purchased a gym in Melbourne's south in 2001 after his grandfather lent him $34,000

He began his property empire when he purchased a gym in Melbourne’s south in 2001 after his grandfather lent him $34,000

Mr Gurner made more than $10million in an hour in 2015 when buyers snapped up penthouses in his luxury development in Melbourne. Pictured, his Brisbane complex, The Flatiron

Mr Gurner made more than $10million in an hour in 2015 when buyers snapped up penthouses in his luxury development in Melbourne. Pictured, his Brisbane complex, The Flatiron

He ran the gym for another 12 months before selling it to a competitor and starting his career as a property developer

He ran the gym for another 12 months before selling it to a competitor and starting his career as a property developer

‘I always say we can do things better. You’d be surprised about the level of detail,’ he told the paper.

‘I still mark out every plan, down to couch locations and antenna locations, every paint colour, door handle and everything.

‘I’m obsessed because it has my name on it.’

The paper will name Mr Gurner as Australia’s 157th richest person when it releases its rich list later this month.

Mr Gurner will be named as Australia's 157th richest person when the Australian Financial Review releases its rich list later this month

Mr Gurner will be named as Australia’s 157th richest person when the Australian Financial Review releases its rich list later this month

The 35-year-old said Generation Y needs to lower expectations when it comes to the property market (stock)

The 35-year-old said Generation Y needs to lower expectations when it comes to the property market (stock)

'This generation is watching the Kardashians and thinking that's normal, thinking owning a Bentley is normal,' he said. Pictured, housing with water views at Woollahra, Sydney.

‘This generation is watching the Kardashians and thinking that’s normal, thinking owning a Bentley is normal,’ he said. Pictured, housing with water views at Woollahra, Sydney.

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