Rent money is dead money!” explains owner of $10 million Bondi Beach apartment, purchased by his daddy

OWNER OCCUPIER: As the rental crisis continues, a local man has been attempting to enlighten his friends about Sydney’s property market.

“Guys if you’re still renting, you’re literally throwing money down the toilet,” Marcus Tanner-Montague said.

“Renting prices will always be high because supply is so low.”

The 29 year old trust fund recipient was heard urging his friends to embrace financial discipline.

“Stop buying so many lattes and avocado toast, and get into the property market ASAP,” he said.

“Renting is a shortsighted strategy. You need to take a longer view, especially if you want to keep living in Sydney.”

But DBT can reveal that Marcus Tanner-Montague’s ‘longer view’ strategy was made considerably easier by the fact that his $10 million apartment on Campbell Parade was purchased by his father, mortgage free.

“I’m actually thinking of buying an investment property as well now,” he told his friends.

“If you don’t own property you’ll get priced out of the market.”

“You might have to move out to a regional area, like Glebe or something.”