Billionaire Harry Triguboff applauds new laws to tackle building disputes and costs

“But really the problem is that the local companies have not got enough money to start big projects. It must be (made) easier for foreign companies to invest in Australia,” said Mr Triguboff, founder of Meriton, Australia’s largest privately owned apartment developer.

Mr Triguboff said the introduction of the Building Commission NSW’s new dispute-resolution process means builders will now not be afraid to start big projects.

He says “ambulance-chasing lawyers” had previously targeted big apartment block developers, telling unit owners that making a claim costs only a small amount.

The bill establishes a new framework for dispute resolution by Building Commission NSW to minimise the need for costly court proceedings, as well as imposing stronger integrity measures for certifiers by increasing fines from $33,000 to $1.1m.

“Because developers will now be a lot more confident, there will be more big projects,” Mr Triguboff said in a statement.

“However, we still have a long way to go because cases which have been longer than eight years are not covered. Meriton worked very hard to get this far ahead. But we must be able to finalise the old projects which are not covered.”

The NSW government has invested $32.3m to implement the Modern Methods of Construction Bill in the fiscal 2027 budget, which is expected to remove duplication between building and planning legislation, simplify building approvals, establish a system of staged approvals to allow construction to begin and for people to move in as early as possible. It will also allow minor variations to a building’s approval.

The NSW government says it will reduce building costs by 20 per cent and build homes up to 50 per cent faster. Requiring one set of designs for apartment buildings to gain building approval is expected to save an average of $327,000 in design costs per apartment block alone.

“It’s the big apartment blocks we need developed because that’s where people live,” Mr Triguboff said. “Small apartment blocks have not been targeted by the ambulance-chasing lawyers. Someone can purchase a unit in the Sydney suburbs of Rose Bay and Double Bay and not be afraid.”

Meanwhile, Mr Triguboff said that property prices were plummeting by as much as 10 per cent because it was previously easier for foreigners to purchase apartments.

“These purchasers were the main people that supplied units for rent. But it’s much harder for them now with them being charged big taxes,” he said.

“Also I will have to ensure that the local buyers will save more on the outrageous charges they have to pay when they buy and when they hold the property. At present, buying properties is not very popular because the rents bring very little.

“And if the government does not do something with interest rates and taxes and charges, then nothing that everyone else will do will be enough to ensure property to be a wanted investment to live in or lease.”

Mr Triguboff added that under the Building Commission’s new changes owners should not be afraid that they will have to fix faults.

“We always fix faults that are reasonable. (And) if we come across ambulance-chasing lawyers, we take them on.

“But unfortunately the owners that hire them spend a lot of money. I can only fight on my blocks. My advice is not to believe these lawyers because usually the owners end up paying big fees for these fighting lawyers and experts.

“My advice is that people should not rush to fight. You could easily end up in a situation where owners fight for 10 years and don’t end up getting a penny. And the owners must understand that instead of making millions, they might have to lose millions.”