Meriton founder and property developer Harry Triguboff has issued a strong warning about Australia’s real estate market, describing current conditions as among the most challenging he has experienced during his more than six decades in the industry. He argues that falling property prices, reduced buyer confidence and tighter access to finance are creating major problems for the housing sector.
Triguboff said the biggest concern is that when buyers believe prices may continue falling, many choose to delay purchases and wait for better opportunities. He warned that reduced buyer activity could affect builders, developers and broader economic confidence.
The Meriton founder criticised current banking policies, arguing that stricter lending requirements are making it harder for Australians to purchase homes and for developers to deliver new housing projects. He said financial restrictions are contributing to a slowdown in construction and property transactions.
Triguboff also raised concerns about government housing and immigration policies. He argued that Australia needs a carefully planned approach to population growth because migration contributes to housing demand, economic activity and workforce growth when supported by adequate supply.
The property developer particularly criticised conditions in New South Wales, describing the state's property environment as extremely difficult due to planning restrictions, lending challenges and reduced market confidence. He compared Queensland more favourably, saying government agencies there have been more responsive when working with developers.
Triguboff’s comments come as Australia's housing sector continues to face pressure from affordability challenges, construction costs, interest rate impacts and uncertainty around investment conditions. Industry groups have repeatedly highlighted the need for faster approvals, more housing supply and policies that support both buyers and builders.
Despite his concerns about the broader market, Triguboff has previously said apartment demand remains stronger than some other parts of the housing sector. He has argued that supply shortages remain one of Australia’s biggest long-term housing problems because demand continues to exceed the number of new homes being delivered.
Economists and market analysts have noted that property cycles naturally move through periods of expansion and slowdown. While some industry leaders share concerns about housing affordability and supply, others argue that market adjustments can create opportunities for buyers who have been priced out during previous periods of rapid growth.
The debate over Australia’s housing future continues as governments, banks, developers and buyers look for solutions to increase supply while maintaining economic stability.
