Billionaire developer wants better incentives for locals to buy real estate

It seems that our abundance of natural resources are not the only thing that the Chinese love about Australia, as more of our Asian neighbours set their sights on Aussie bricks and mortar for investment opportunities.

According to billionaire Harry Triguboff, while this is fortunate for our local property markets it’s also imperative that we keep locals interested in and supportive of our housing markets in order to maintain capital growth into the future.

In an article published on ninemsn, Tiguboff who heads one of Australia’s largest property development companies – Meriton, says the residential market would fare better if interest rates were cut and super funds had grater scope to invest more into property. 

“We are very lucky that China adores us,” Triguboff told a business lunch in Sydney.

“Just like I like my business, they like this country.”

However he said that relatively high interest rates had made it difficult for Australians to enter the property market, and he wants locals to have the ability to be active in the housing market and believe in it to ensure it’s long term sustainability.

“That is why I am always fighting the Reserve Bank because they make it impossible for people to buy,” says Triguboff. “We must get the interest rates down.”

With regard to superannuation funds, he says it would be good to see this as a vehicle in which people were given the capacity to buy more property.

“People have lots of money in super, but they have no money in the bank and the super funds are not built to help people buy property,” he said. “I want that to be changed.”

Triguboff also continues to highlight the need for a significant increase in immigration, arguing that Australia is a huge country that needs a lot more useful people to contribute to the economy.

Obviously Triguboff got part of his wish with the RBA lowering rates on Cup Day.

From a developer’s perspective, Triguboff raises some very valid and appealing points.

The combination of lower interest rates and a continuing expansion of Australia’s population means a couple of things for those property investors – higher demand, better capital gains and stronger returns.


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