At 91 years old, Harry Triguboff, Australia’s biggest name in real estate, has achieved a position where he just can’t lose. His longevity, he attributes to good doctors who saved his life in March when he was told he only had one day to live due to fluid building up around his heart. Despite the health scare, Triguboff was back to work the next night, examining numbers for Meriton Properties, the company he founded 61 years ago. He has played a major role in reshaping the Australian dream of owning a house with a backyard into apartment living with amenities like saunas and daycare centers. Triguboff’s developments have provided homes for 3% of Sydney’s population, with more under construction to address the housing crisis in Australia.
Triguboff’s success is evident in Meriton’s financial results, with revenue growing 10% year-on-year to A$1.5 billion in the 12 months to June 2023. The company has 4,500 apartments under construction and 5,000 more in the pipeline, benefiting from a housing shortage in the country. Despite challenges from bureaucratic restrictions and rising property prices, Triguboff’s rental portfolio of 10,000 apartments ensures a steady income stream and financial stability. His visionary insights, such as holding onto unsold units and building serviced apartments, have diversified cash flow and ensured the company’s resilience during economic downturns.
Triguboff’s journey began in China in the 1930s, where his parents fled Russia to escape antisemitism. After moving to Australia as a teenager, he initially pursued studies in textiles but found success in real estate, eventually founding Meriton Properties in 1968. His business acumen, coupled with a determination to succeed, saw him through challenges such as financial crises and market fluctuations. Despite his dominant personality and reputation for being unwilling to compromise, Triguboff’s loyalty to his workforce and commitment to the company’s survival have earned him respect in the industry.
Triguboff’s daughters and grandchildren are being prepared to inherit and run the business, ensuring the continuity of Meriton Properties. Looking back on his career, Triguboff considers the early days of the Covid-19 pandemic as his greatest moment, noting his employees’ dedication to ensuring the company’s survival. Despite challenges in the current market, Triguboff remains confident in his company’s future, though he has slowed down land acquisitions in Sydney and is focusing on existing greenfield sites. His legacy as a pioneering figure in Australian real estate is undeniable, with his impact on the industry and the housing market lasting for generations to come.
