Harry says the NSW Property Market Is Headed for Disaster

The founder and managing director of the largest property development company in Australia is angry. He believes in the 60 plus years he has been in real estate, he has never before seen such bad decisions being made and believes things can’t get much worse, particularly in New South Wales.

“We have a catastrophe in real estate and that means that we have a terrible mess in this country,” Mr Triguboff said.

“It’s no good writing that prices are dropping. We must also say what must be done for prices to rise.

“If prices keep dropping, buyers will disappear. It’s natural instinct to adopt a wait and see approach. The mindset is, “Why buy today what will be cheaper tomorrow.

“As people stop buying, they stop working hard. What is the point of working hard if prices drop?

“At Meriton, we have never had so many people coming to look but all are so indecisive.

“Another reason they don’t buy is because the banks make it impossible for them to get a loan.

“The banks must give loans otherwise both the banks and the buyers go broke.

“It is just not sustainable.”

Mr Triguboff went on to say that the government actually wants migrants but does nothing about. He says the country needs migrants.

“Of course, everyone wants to come here but we need to learn to choose the right people,” Mr Triguboff said.

“This country must grow. It’s too big to be left in its present state. To develop we need more people but we argue who should come. When they do come here, they mix very well with the local people.

“Then we are told we have 2-4% unemployment. It’s much greater than that. Those numbers are wrong.

“Many people want work and can’t get it.

Mr Triguboff also says that we need investment but our investors lose money and our government make a big profit.

“Investors must make a reasonable profit,” Mr Triguboff said.

“The Chinese came and lost money, the Japanese came and lost money. They don’t come to lose money.

“Our people leave the country because it is too hard to work here.

“The upside is that in Queensland the bureaucrats listen and try to help.

“In other states the bureaucrats couldn’t care less. We have state rules, government rules, which are very stagnant.

“In Queensland we can discuss the problem. Here in New South Wales we must do what the law says. Even if the law is old and outdated.

“We must try to succeed, not hope for the best according to the old laws. That is why people leave Sydney and go to Queensland,” he said.