Property tycoon, 35-year-old Tim Gurner, has solved the national housing affordability crisis in one concise segment on Channel 9’s 60 Minutes, and we all owe him a very sincere thank you.
With no less than half a billion dollars to his name, Gurner summarises his philosophy in one sentence: “When I was trying to buy my first home, I wasn’t buying smashed avocado for $19 and four coffees at $4 each.”
“They want to eat out every day, they want to travel to Europe every year,” he told 60 Minutes, referring to Generation Y. “This generation is watching the Kardashians and thinking that’s normal. Thinking that owning a Bentley is normal, that owning a BMW is normal.”
Listen: The Mamamia Out Loud team take a moment to discuss the predicament of poor millennials who may never own a house in Australia. Post continues after audio.
If my interpretation is correct, it would appear that what Gurner is saying, is that if you spend less money on small things, you will save more money for big things, later.
Holy shit. Economists, take the rest of the day off. Politicians, have a nap. Financial planners, you’ve all been made redundant.
Gurner’s got this.
The only thing missing from Gurner’s musings is, of course, anything that mildly resembles a fact. Here are some of them:
- The average rate of savings in Australia is currently higher than it has been at any point since the 80s, and those aged between 25 and 34 are above average savers.
- While the cost of a home continues to increase astronomically, the average wage has stagnated.
- CoreLogic’s director of research, Tim Lawless, says, “The 20 per cent deposits have never been so difficult and on that measure we have never seen affordability as challenging as what it is at the moment.”
- By every official international analysis, Australian housing is close to, if not the most, overvalued on the planet.
Does anyone want to discuss flatlining Australian wages that aren’t inline with the growth of cost of living and house prices? #60Mins
— Floss The Fangirl (@FlossAus) May 14, 2017
But… why would Gurner, who is just trying to be helpful, overlook these statistics?
Perhaps it’s because Gurner’s job is literally to sell us overpriced property. Just a hunch.
But young people, put DOWN your $4 coffee. Because in just 147 years, you’ll have enough to put a deposit down on an average home in Sydney. Quit your complaining, please. It’s just that easy.