Billionaire Developer Harry Triguboff Claims Unrivaled Contribution to Australian Housing Supply
Meriton founder Harry Triguboff asserts his six-decade career has yielded more housing than any other developer, while criticizing systemic barriers and government inaction.
Harry Triguboff, the billionaire founder of Meriton and Australia's second-richest person, has asserted that he has contributed more to the nation's housing supply than anyone else.
Triguboff, 93, stated that in his over 60 years in the property industry, he has consistently focused on increasing housing availability. "I believe I have done more than anyone else for housing in Australia. I have never rested on my laurels and when I make up my mind about something, I'm a dog with a bone – and sadly for those who get in my way – I'm not all bark," he said.
He recalled a period when government bodies were proclaiming an "oversupply" of housing, while he was actively working to build more. Triguboff estimates he has supplied over 80,000 homes but believes double that number was needed to avert the current shortage. He also credited his success to his willingness to challenge existing systems, stating he would have built only half as many homes otherwise.
Triguboff highlighted his early adoption of built-to-rent and serviced apartment models in the 1990s as evidence of his adaptability to market changes. He contrasted his approach with other developers who, he claimed, are overly reliant on banks.
He expressed a desire for greater collaboration between developers, governments, and banks to address Australia's housing crisis. "My job now is to work on the problems holding housing back. Too often that means fighting the governments and the banks. It would be far better if we could work together," he stated.
Triguboff contended that outdated laws, regulations, and legislation are hindering significant progress. He pointed to issues such as the exclusion of skilled workers, the bankruptcy of reputable developers and builders due to high construction costs, and the departure of essential workers from cities like Sydney because of unaffordability.
"How is any of that driving the market in the right direction?" he questioned, calling for reforms to address these challenges.