Property tycoon tells millennials to stop buying avocado toast if they ever want to buy a house

'When I was trying to buy my first home, I wasn't buying smashed avocado for $19 and four coffees at $4 each,' said Tim Gurner, 35, an Australian property tycoon

The advice has caused a social media backlash, with many commentators angered by the remarks amid a housing crisis affecting countries around the world (Getty)

A multimillionaire property developer has handed out some advice to millennials fed up with a housing crisis, university tuition bills and stagnant wages - Stop wasting all your money on avocado toast and expensive coffee if you want to buy a house.

“When I was trying to buy my first home, I wasn't buying smashed avocado for $19 and four coffees at $4 each,” said Tim Gurner, 35, an Australian property tycoon who reportedly has almost half a billion dollars in the bank.

“We're at a point now where the expectations of younger people are very, very high,” said Mr Gurner, who was recently named the youngest person on the Business Review Weekly 2016 Rich List.

“They want to eat out every day, they want travel to Europe every year.

“The people that own homes today worked very, very hard for it [and] saved every dollar, did everything they could to get up the property investment ladder.”

Mr Gurner said the problem may lay with reality TV stars, who give people unrealistic expectations. “This generation is watching the Kardashians and thinking that's normal – thinking owning a Bentley is normal,” he told 60 Minutes.

The real world is far less rosy, according to the developer: “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.”

The advice has caused a social media backlash, with many people angered by the remarks, which come amid a housing crisis affecting millions around the world.

The average deposit for a home in the UK hit £32,000 in January, double what it was ten years ago, as house prices have consistently outpaced wage rises. In big cities such as London, Sydney and San Francisco, prices have spiralled even further out of control, leaving many people with little hope of getting on the property ladder.

In March, the UK Social Mobility Commission found that the percentage of first-time buyers turning to family for financial help had jumped to a historic high of 34 per cent. Less than one in three young people now own a home, compared to 63 per cent among the same age group in 1990.