Billionaire Harry Triguboff slams Sydney’s planning ‘hooliganism’ for delaying building of new homes

EXCLUSIVE: BILLIONAIRE owner of Meriton, Harry Triguboff, says Sydney’s planning means he only built half the apartments he planned to last year.

Harry Triguboff: “To get approval for excavation in Surfers Paradise takes one week, here maybe two years.”

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CONSTRUCTION tycoon Harry Triguboff has taken aim at Sydney’s planning system for delaying the building of new homes, branding it a “disaster” and “hooliganism”.

Mr Triguboff, the country’s richest businessman with an estimated wealth of $10.62 billion, built only half the number of apartments he had planned last year because of uncertainty and slow approvals.

It follows Reserve Bank governor Philip Lowe’s comments on Monday that building more homes was one of the best ways to deal with ever-increasing housing affordability issues.

“The approvals process in Sydney is a disaster, it’s been a disaster for many years,” Mr Triguboff said.

Harry Triguboff: “The approvals process in Sydney is a disaster.”

“For me to get approval for excavation in Surfers Paradise takes one week, here maybe two years — that’s hooliganism and it has to stop.”

Mr Triguboff owns Meriton, the country’s largest private apartment builder. He said he had planned to build 3000 apartments in Sydney last year, but had only managed 1500.

It comes as new data from the Sydney Business Chamber shows construction could begin on 16,000 lots, around 29,000 dwellings and 3000 apartments — providing housing for 120,000 people — if planning issues were resolved.

Reserve Bank governor Philip Lowe said building more homes being built was one of the best ways to deal with ever-increasing housing affordability issues.

“While there is not a single solution to Sydney’s housing crisis, freeing up supply is a part of the answer,” David Borger, the chamber’s Western Sydney director, said. “A number of significant property rezoning proposals on the register are in advanced­ stages of assessment but are not being progressed­.”

David Borger.

Mr Triguboff also claimed local buyers needed to “learn to be quick” when snapping up homes.

“The tragedy is this, in their minds young people want houses ... I am not convinced they want houses,” he said.

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Mr Triguboff sold most of his apartments to investors and to overseas buyers.

“With the parents helping them now — which they never could do before because the parents had no money, now they have money because of real estate — they still don’t rush in.”

Mr Triguboff said he sold the majority of his apartments to investors and to overseas buyers.

“The Australian buyer comes, he asks for his financial adviser, he asks for his lawyer, he asks for his accountant — by the time he finishes asking, the place is gone,” the billionaire said.