Meriton boss Harry Triguboff welcomes return of vaccinated skilled adults and students
Multi-billionaire property developer Harry Triguboff has welcomed the Federal Government’s recent decision to allow fully vaccinated skilled adults and students to enter Australia revealing that increased foreign arrivals is exactly what his apartment development company, Meriton, needs.
The property tycoon is building thousands of units across Sydney’s suburbs and has just commenced construction of a further 630 luxury apartments on Queensland’s Gold Coast.
“(But) We still have 11,000 units to commence so it is obvious that we believe in our country,” the Meriton founder said.
“The majority of our buyers are Chinese and Indians and other Asians,” Mr Triguboff said.
“So, the market immediately improved (with the government’s announcement). These buyers will live in the big cities which have suffered the most from the Covid virus.”
He said migrants who had left Australia during Covid were often ones who lived in apartments in the major cities and it was likely they would also now be the ones returning to those areas to work and live.
Under the government’s plan fully vaccinated students and essential workers will be allowed to return to Australia from December 1.
“We need more and more young workers to come,” Mr Triguboff added.
“It’s not enough to count (all) people. It’s important to know that the people are as young as possible and are keen to work. At present we have a shortage of workers and students to fill our universities.”
Mr Triguboff’s Meriton Apartments are now building “a lot more units because the NSW Planning Department realises at last that without development there is no progress.
“Our interest rates are low and if we continue to grow quickly, we will build even more.”
While Mr Triguboff admits that Meriton has always concentrated on Sydney he now says Queensland provides opportunities so the company is producing more apartments in the Sunshine State.
Following a period of dropping rents and decreased investor appetite for apartment investment, Mr Triguboff said unit rents are now strengthening.
“The serviced apartments will gain their strength once the borders inside and outside of Australia open,” he said.
On the construction front Mr Triguboff is building two apartment blocks on Queensland’s Gold Coast with 630 units.
In Sydney he has three apartment blocks underway in Homebush with 560 units and two blocks in Pagewood in the eastern suburbs with 744 apartments.
In Sydney, North Ryde he is building a further 1007 units.