The nine young property moguls that made the BRW Young Rich 2014

BRW’s Young Rich 2014 is out and two young property moguls made their debut on the list.

Nine of those on the list had their main industry and source of wealth listed as ‘property’, with the strong property market in some capitals over 2013 and 2014 clearly translating into a strong uptick in wealth. Developers, in particular, seem to have fared well. 

While nine were listed with ‘property’ as their main earning, there were some for whom bricks and mortar boosted their wealth, despite their main industry being elsewhere.

One of these is John Palermo, ranked at 95. Obtaining much of his wealth from financial services, notably accounting, he is said to have “extensive investments in Australian shares and residential and commercial real estate”. The Perth-based director of Palermo Chartered Accountants’ wealth is put at $22 million. The Australian Financial Review refers to him as "riding the crest of the property boom".

Much of the top ranking members of the 100 were involved in the financial services, education and technology industries.

Of course, all our nine young property moguls were men.

When comparing our 9% of property entrants on the Young list to the BRW Rich 200 from June this year it's interesting to note that there were 53 older entrants, or 26.5% of the list, that noted property as their main source of wealth.

While some young property moguls slipped in their overall positions on the BRW Young Rich 2014 list’s ranking, all entrants but one increased their wealth over the past year - some more than doubling their overall value position.

1. Jonathan Hallinan (BRW ranking: 17)
   BPM Construction and Development Group
   Currently worth $113 million, last year he clocked in with $75 million. The 39 year old is up one position on his last year entry to the list.
   
   
2. Luke Hartman (BRW ranking: 20)
   Metro Property Development
   This is Hartman’s first time on the list, and at age 38 he has accumulated $92 million in wealth.
   
   
3. Paul Fridman (BRW ranking: 27)
   Fridcorp
   Having last made the list with $70 million, he is now down three places, but increased his wealth to $78 million. Fridcorp has been expanding in the Sydney market over the past 12 months, most notably with Eve Apartments in Erskineville.
   
   
4. Tim GURNER (BRW ranking: 28)
   GURNER
   At age 32, he now sits at $77 million, substantially more than last year’s $26 million estimation. Having launched his own development company, GURNER, in 2013 after previously developing with Morry Schwartz, he has acquired nine projects including FV in Brisbane’s Fortitude Valley.
   
   
5. Ronnie Elhaj (BRW ranking: 32)
   Nicheliving
   Last year ranked at 31 with $63 million, the figure is now estimated at $68 million. He has also started an online business network, and has a 32% stake in WA property development company Nicheliving.
   
   
6. Patrick Coughlan (BRW ranking: 45)
   Riversdale Group
   Worth $42 million this year, last year his wealth was estimated at $26 million. The 40 year old’s property wealth is mainly in hotels. His blueprint has been to buy underperforming pubs for rejuvenation, initially in Sydney, and he appears set to take his method to New York.
   
   
7. Paul Fischmann (BRW ranking: 46)
   8Hotels Group
   His $42 million estimation, up $2 million from last year, the 39 year old seen him sell some of his hotels over the past year, including to offshore investors. He is building a hotel near Sydney airport.
   
   
8. Marcus Gilmore (BRW ranking: 58)
   MLG Realty
   Having benefited from the mining boom, ranked last year at 47 with $40 million, he is current at $35 million and the only property-related entrant to have a lower estimated wealth figure this year. He owns the Newman Hotel, and has a substantial portfolio of residential property in Perth through MLG Realty, all at 38 years old.
   
   
9. Nick Georgalis (BRW ranking: 76)
   Geocon
   Georgalis’ debut on the list, he is estimated as being worth $27 million at age 38. Having founded Geocon, he is said by BRW to have benefitted from the apartment boom of the past 10 years. He has plans to build Wayfarer Apartments, the tallest residential building in Canberra.

You can see the full list here.