Cashed-up Triguboff wants rates kept low

Meriton boss Harry Triguboff says an expected rate cut this year must not be followed by a subsequent rate rise.

Triguboff believes a rate cut will encourage more home buyers to return to the market.

"We must ensure that the Reserve Bank doesn't just drop them and then raise them again," Triguboff says.

"What happens is, as you drop them, people start buying, then you raise them and people can't pay."

He also called on the government to commit to offering permanent assistance for first-home buyers.

An interest rate rise will not hurt Meriton, since the company has the cash in hand to build without borrowing from the banks.

Meriton has approval for 800 units at Epping Park, with 130 already built.

Unit sales have been “average”, with Triguboff telling The Australian he is working with the state government to get things moving more quickly.

To encourage buyers, Meriton has been offering to pay the stamp duty on units at its Epping Park development in North Sydney. One-bedroom apartments are for sale at $460,000 and two-beds for $600,000.

Meriton has 13 apartment projects under construction, mostly in Sydney, including projects in St Ives, Epping and Rhodes

A major project is the 77-level Infinity tower in the Brisbane CBD, with one-bedroom apartments for sale from $380,000 rising up to just under a $1 million for three-bedroom units.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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