At the AFR comes Australia’s most enduring property rent-seeker:
“Of course they are too restrictive,” Mr Triguboff said. “I went through downturns in real estate many times. Thirty or 40 years ago I thought they would be turning away from their homes because prices went down. I asked people ‘Why don’t you sell your house?’
“Each thinks their apartment is different from the other owner’s. They are in love with it, so they’ll stick to their apartment. Within reason, they don’t walk away.”
Mr Triguboff, whose development company Meriton rose to second place in the latest HIA-Colorbond Steel Housing 100 Report, as its number of housing starts jumped 55 per cent to 3288 in the year ended June 30, predicted a similar number this year, saying he had “a lot” of empty land.
Highrise won’t be getting any rental increases and sales have further to fall as the defect crisis runs unabated:
But hey, build it and they will come!