Gerry Harvey, the billionaire chairman of Harvey Norman and a major real estate investor, says he expects building costs to keep rising and make new property developments, already marginal, increasingly unviable.
Mr Harvey is best known as a retailer and together with his wife, Harvey Norman chief executive Katie Page, has amassed a fortune of $3.39 billion, according to the Financial Review Rich List. But he is also a considerable investor in real estate, and said he was holding on to several sites without developing them because they were in the “too hard basket”.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
Primrose Riordan covers private companies and family offices from the AFR's Sydney newsroom. Primrose was previously a correspondent for the Financial Times and covered foreign affairs and politics in Canberra. Primrose has won multiple awards for her journalism including from The National Press Club, SABEW in the US and Press Gazette in the UK. Message Primrose on Signal: https://tinyurl.com/PrimroseSignal Connect with Primrose on Facebook and Twitter. Email Primrose at primrose.riordan@afr.com
