Property market a source of wealth for BRW Rich Listers
The BRW Rich List is to be published this Friday, however they’re already spilling one secret – that property is significantly contributing to some of the Rich Listers’ wealth.
BRW reported that Meriton’s Harry Triguboff said that he has land that has doubled in value over the past 12 months.
“The Sydney market is very good. Apartment prices are steady but we are finding new markets like Parramatta [in the city’s west] where prices are going up a lot,” they quoted Triguboff as saying.
On the BRW Rich List’s 200 members yet to be published, the total property value is $16 billion, while 53 of the list source the majority of their wealth from property.
Fifty of those increased their wealth over the past 12 months, with those whose value fell dropping marginally in comparison to their total wealth.
Of these 53, 11 are said to be billionaires. BRW reports that Triguboff leads the list, with Frank Lowy and John Gandel.
Other Rich Listers have increased their property exposure, such as Paul Little of Toll Holdings, with property now his primary wealth source through Little Group.
Friday's list will be keenly watched to see which other property magnates made the cut.
