Harry Triguboff, the 91-year-old founder of Australia’s largest developer, Meriton Properties, recently disclosed a near-death experience in early March, where he was told he had a day to live due to fluid buildup around his heart. Despite the grim diagnosis, Triguboff made a full recovery within hours and was back to work the next night, going through his weekly routine of examining the company’s financial numbers. With over 78,000 apartments built and a significant impact on reshaping the antipodean dream of homeownership, Triguboff has become a key figure in the Australian real estate market.
Triguboff, with an estimated net worth of $16.6 billion, holds a dominant position in the real estate industry, benefiting from the ongoing housing crisis in Australia. With 4,500 apartments under construction and 5,000 more in the pipeline, he stands to gain from the housing shortage, which drives up property values and rents. Despite facing challenges from bureaucratic restrictions and planning authorities, Triguboff’s firm, Meriton, continues to thrive financially, with a 10% revenue growth reaching A$1.5 billion in the 12 months to June 2023.
Born in China in the 1930s to parents fleeing antisemitism in Russia, Triguboff’s early years were marked by hardship and upheaval. Forced to move to Australia as a teenager due to the turmoil of World War II and political changes in China, he eventually found his way into the real estate industry after trying his hand at textiles and academia. Through astute business decisions and a steady growth strategy, Triguboff built Meriton into a successful development company, weathering economic downturns and industry challenges over the decades.
Triguboff’s approach to real estate development has been marked by strategic diversification and a focus on long-term growth. By holding onto unsold units to create a build-to-rent income stream and building serviced apartments with residential approvals, he established a stable cash flow and reduced reliance on banks. This strategy paid off during the global financial crisis of 2008, positioning Meriton for continued success in the years that followed, with Forbes estimating his fortune at $3 billion by 2010.
Known for his strong personality and uncompromising approach to negotiations, Triguboff has faced criticism and praise in equal measure from industry peers and government officials. While some appreciate his commitment to quality and long-term vision, others have raised concerns about his willingness to push for maximum profit and engage in public attacks on decision-makers. Despite these challenges, Triguboff remains steadfast in his beliefs and continues to prepare his family for the future, with his daughters and grandchildren poised to inherit and run the business.
Looking back on his career, Triguboff considers the early days of the Covid-19 pandemic as a defining moment, highlighting the dedication and resilience of his workforce during challenging times. As he reflects on his legacy and the future of Meriton, Triguboff remains focused on growth and success, navigating the complexities of the real estate market with a blend of experience, determination, and a touch of charm. With a storied career behind him and a family legacy ahead, Harry Triguboff stands as an enduring figure in Australian real estate, shaping the landscape of homeownership and development for generations to come.
