Billionaire Harry Triguboff expects apartment prices in Sydney to rise

The billionaire Harry Triguboff expects apartment prices in Sydney to rise given the looming lack of supply. Triguboff, the founder of Meriton, says he is building fewer apartments. It has dropped to less than 30,000 apartments in Sydney for the first time in years. “We developed almost 43,000 units only a few years ago,” he told The Australian. “That is a 30 per cent drop … which is a concern as apartments provide more than two-thirds of Sydney’s housing supply.” He believes less apartments will be built as developers are intent on finishing existing projects. Big apartment projects are getting more expensive with more risks so fewer are being started. “This means that prices must go up.” Forced to shut down multiple construction sites across Sydney, Meriton is focusing more on Queensland, the Sydney-based Mr Triguboff said in an interview in July. Triguboff has been buying more land on Queensland’s Gold Coast and Brisbane to build some 2000-3000 more apartments. Meriton is finishing the 700-unit Ocean apartment tower in Surfers Paradise and building a second tower on another site.