High-rise Harry orders Sydney’s wealthy east to absorb migrants

‘Highrise’ Harry Triguboff has told Sydney’s wealthy eastern suburbs that it must accommodate more migrants and accept greater densities:

Leading property developer Harry Triguboff says Sydney’s eastern suburbs need to absorb more people to take the pressure off the city’s west.

The billionaire Meriton founder has also challenged the state’s politicians to build more homes closer to existing jobs rather than in areas with limited infrastructure.

The Meriton founder, together with former NSW government architect Chris Johnson, have released their long-term vision to transform Little Bay in Sydney’s east into a bustling town centre…

“With growth in Sydney, we cannot look backwards, but must look forward like other inner-city redevelopment projects across the globe and emerging centres across Sydney that are also close to jobs and transport like Liverpool, Parramatta, Rhodes, Macquarie Park etc,” Mr Triguboff, who is worth about $12.31 billion and is Australia’s third-richest person, said.

“What makes this area any different? We cannot keep on pushing density west where there is no infrastructure or it is too expensive to provide.

“We have to think of a whole-of-Sydney solution where everyone contributes.”

Between 2012 and 2018 Randwick Council finished only 65 per cent of the properties it was forecast to complete, according to NSW Department of Planning data.

This compares to 119 per cent in The Hills, 113 per cent in Ryde and 105 per cent in Camden…

Mr Johnson said Sydney was fast running out of large sites for redevelopment…

Randwick Mayor Danny Said said Meriton’s currennt proposal would double the population of the suburb and that residents are “concerned”.

Maroubra Labor MP Michael Daley said that proposals were not in any way balanced.

“We don’t mind doing our bit for future growth but this is overdevelopment on steroids,” he said.

This is great. The wealthy elites living in the city’s east pull the government’s strings. Once they are forced to suffer from overdevelopment like their poorer cousins in the west, they will inevitably squeal like stuck pigs and demand immigration be cut.

The best way to stop the mass immigration scam is to force the likes of Lucy Turnbull living in Woollahra and Mosman to be swamped by ugly high-rise developments, alongside the associated congestion.

Leith van Onselen

Leith van Onselen is Chief Economist at the MB Fund and MB Super. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.

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