Property developer Harry Triguboff says European financial crisis could boost Australian population
Property developer Harry Triguboff says European financial crisis could boost Australian population; Crisis will force Greeks back: Triguboff says he's ready to help house the new arrivals
Tweet Topic Started: 30 Nov 2011, 02:17 PM (1,447 Views)
Stephen Nicholls, Property Editor November 30, 2011 - 12:31PM
Billionaire property developer Harry Triguboff believes Europe's financial problems could see Australia's population grow - and he says he's ready to help house the new arrivals.
''I think we will have more people coming to live in this country,'' the chief of Meriton Apartments told an Australian-Israel Chamber of Commerce lunch yesterday.
''And not just because the migration intake will be greater. ''People will be coming here and not wanting to go away.''
Asked if he believed it was a good thing if the population grew, Mr Triguboff replied: ''Yes, very good,'' to chuckles from the audience of 730 diners.
Billionaire property developer Harry Triguboff believes Europe's financial problems could see Australia's population grow - and he says he's ready to help house the new arrivals.
how generous of you Harry.
of course Harry's ready to house them because he admits the Chinese have stopped buying his crappy high rises. he's also been bleating on about interest rates today.
At last we can see some improvement in the property market in Sydney and to a lesser extent in Brisbane and the Gold Coast. The reason is definitely the lowering of interest rates. It is too early to say by how much the properties rose, but the effect is definite.
The migrant intake must grow by at least half a million people per annum. It is impossible to run a huge continent with 23 million people. It does not matter whether Prime Minister Gillard or Tony Abbott will rule the country. With migration rising there will be more need for accommodation and we must build more.
But until councils become more responsible and approve viable projects on time it will be very difficult. The pressure is on apartments in central areas. It is irrelevant that many blocks are zoned for cottage building. The movement is away from them to apartments. And much land is already zoned for cottages.
Councils think that people care whether there are tall buildings or lower buildings. People who buy the apartments prefer taller buildings because they allow more light and afford views and are cheaper to run than lower ones – which require more lofts, more stairwells, and more security, all adding to the upkeep.
We see many empty stores. But councils insist that we often include shops and offices to create work. In fact because there is already a glut of offices new ones should not be forced on developers. At best all that will happen is that older shops and offices will become vacant.
Every council must have people who will ensure that the rules are such that viable projects must be achievable.
It is no use making rules which do not take into account the viability. The person in council who will be responsible for viability must be equally responsible as the mayor and the manager.
On the tourism side, our serviced apartments are doing well. But we must have more capacity in the airports – not in 20 years, but now. Gold Coast Airport, which is very new, was out of date on the day it was completed. Today, tourists go to Brisbane from overseas and then catch buses to the Gold Coast. If we want tourism then airports must be made to cater for tomorrow. At least with aeroplanes we are as quick as anyone. We know that we are very slow with our trains.
When we look abroad we see all sorts of warning signs but we should not forget that the Australian domestic economy is getting a substantial stimulus.
Julia Gillard and Wayne Swan are once again spraying money at lower income earners and they will spend it.
Australians are highly leveraged into the housing market so they are very responsive to falls in interest rates. This is a big help to middle class Australia who are being hit by Canberra.
Not only have official rates come down but also there are clear Reserve Bank signals of further falls.
Moreover the dollar has slipped, which will give some light to struggling service and manufacturing industries.
From this week’s comment by Australia’s largest apartment developer Harry Triguboff it is clear that local buyers have returned to the apartment market (How to repair Australia's property sector, May 16). Harry Triguboff is clearly talking his book when he says the market has risen, but in the past when the market has fallen Triguboff has been just as frank so his track record shows when he calls a move you can believe it.
The simple fact is that banks may be tardy lending to developers but they will lend to consumers for dwellings. And the apartment market is being boosted by mainland Chinese buying which is a sure sign that while the current indications in China suggest a downturn there is still great momentum and Chinese investors have money spend in Australia.
Harry Triguboff believes the way to kick start non-mining Australia is to step up migration. I think that’s a great idea but I know there are many with a different point of view.
There is no doubt that building dwellings is an important part of non-mining Australia. The Reserve Bank was nervous about having strong dwelling activity at the same time as a mining boom but the limitations on bank finance mean that we are not going to see a boom.
The greatest threat to the dwelling market is the large number of potential layoffs in the system and the fact tat 47 per cent of Australians are frightened about their job.
We will not escape if the Greek crisis blows up but the signs of life in the Australian dwelling market give hope that if Europe can hold it together and China minimises its growth rate decline we will come through in reasonable shape. A dollar fall will help.
Hmmmm .... go through chaos, anarchy, austerity, economic collapse or live in a Meriton Apartment ..... it's a tough one, but on balance I think the former.
Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.
Forum Rules:
The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.
Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.
Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.
This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.
Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ
Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy