Harry Triguboff’s ‘I’ll go’ threat ‘a red alert for NSW’

Sydney-based developer Harry Triguboff says he may be forced to build interstate, sparking industry fears that a potential move would be the ‘last thing’ NSW needed.

Harry Triguboff in his Sydney home. Picture: Nick Cubbin

Sydney-based developer Harry Triguboff says he may be forced to build interstate, sparking industry fears that a potential move would be the “last thing” NSW needed amid a housing supply and affordability crisis.

Mr Triguboff blamed creeping costs, delays and planning authorities – at all levels – as to why the state was embroiled in a housing crisis, saying he wouldn’t build in Sydney if problems persisted.

“I am the state’s largest apartment builder but if I have to waste years building in Sydney, and not in other places, I will not build here except to finish on my empty blocks of land,” he said.

“All the planners here (in Sydney) have to do is act normally and I will be back. But I don’t like my chances.”

The Minns government has made housing a tenet of its first year in office, overhauling planning controls and pledging to build about 110,000 new homes by mid-2029 on the back of a transport-orientated push.

Meriton managing director Harry Triguboff.

Mr Triguboff’s warning was met with dismay. Urban Taskforce chief Tom Forrest said the potential loss of Meriton was a “worrying sign … It’s the last thing we need right now, especially when you consider the magnitude and significance of Meriton … it’s a worrying sign for decision-makers.

“We need to do more to support those people who would deliver supply,” he said.

Last year, the City of Sydney Council approved Meriton’s proposals for a high-rise complex in inner-city Zetland, although the NSW Planning Department rejected proposals to build a 1900-unit complex in Little Bay.

Mr Forrest noted improvements – including changes to low and medium density, and incentives for affordable housing – but said buffers remained.

“Rather than adding levies on to developers, (governments) could realise it’s adding to the cost of housing, stopping developments going ahead,” he said.

Urban Taskforce chief executive Tom Forrest. Picture: David Swift

“Let’s ease the burden on those supplying homes rather than taking from them as if they’re a ­golden goose.”

Mr Forrest criticised the ­federal government for slashing state infrastructure funding.

“They need to be investing in infrastructure, so state governments can offer amenities to make communities happier about the changing nature of their suburbs,” he said.

The Liberal Party has urged Labor to do more.

“The government’s $12,000 tax on new homes is making building houses harder at the worst possible time as the state struggles with a housing and cost of living crisis,” NSW opposition planning spokesman Scott Farlow said, noting that since 2020, construction costs had risen by more than 30 per cent.

Liberal member Chris Rath – one of the party’s biggest advocates for increased supply and density – said Mr Triguboff was “rightly frustrated with unnecessary costs and delays”.

NSW Planning Minister Paul Scully, left, flanked by Premier Chris Minns, right, as the government announced planning and housing reform in December. Picture: Monique Harmer

“Without drastically increasing supply, we’re blocking an entire generation of Australians from home ownership,” Mr Rath said, adding that the government might be “turbo YIMBY” in its rhetoric but it was “laggard NIMBY” in results.

However, Planning Minister Paul Scully said construction costs and labour shortages were “national problems”, pointing to reforms the government had introduced.

“We’ve announced the biggest reforms to planning in a generation, including to low- and mid-rise housing with the aim to increase capacity for an addition­al 110,000 homes by mid-2029,” he said.

The reforms allow for increased density near transport and town centres, forcing councils to lift bans on terraces, townhouses and low-rise apartment blocks.

NSW opposition planning spokesman Scott Farlow. Picture: David Swift

NSW Liberal MP Chris Rath.

Last year, the government announced plans to impose new planning controls within 400m of 31 train stations, which it said would allow 138,000 new homes to be built by allowing greater housing density in those areas within 15 years.

It also unveiled plans for state-led redevelopment within 1200m of eight Sydney heavy rail and metro stations, which it says will generate 47,800 new homes over 15 years and have a minimum of 15 per cent affordable housing.

Premier Chris Minns said the “balance was right” after it was revealed about 8 per cent of the 138,000 homes under new planning controls around 31 stations would be built during the National Housing Accord period, despite mayoral opposition to the government’s density push.

Property Council of Australia NSW executive director Katie Stevenson said “substantial challenges” were creating barriers to achieving targets.

“If we are to get on the right track, the government needs to remove the planning, regulatory, and tax barriers that are preventing these much-needed developments from getting off the ground,” Ms Stevenson said.

“We need to look at reducing the cost base for industry, which should include looking at a cap on infrastructure charges and taxes over the Housing Accord period, or a holiday from certain charges to incentivise investment in more residential development as quickly as possible.”