Harry Triguboff: The High-Rise Visionary Who Housed Australia
While developers chased luxurious penthouses, Harry Triguboff made billions by building modest apartments for regular Australians. The $15 billion Meriton creator did more than just build towers; he created entire districts, altering Sydney’s skyline while keeping prices affordable. At 91, this Russian-born immigrant still personally supervises every project, demonstrating that in the tough business of real estate, old-school hustle wins out over slick marketing.
Harry Triguboff: From Harbin to Sydney
Harry Triguboff, born in China on March 3, 1933, to Russian-Jewish parents fleeing the revolution, learnt survival skills at a young age. His textile engineer father relocated the family to Tianjin before settling in Sydney when Harry was 15, an event that showed him how housing influences opportunities.
Young Triguboff struggled with English but excelled at arithmetic, working odd jobs while attending Scots College. His first business venture, selling milkshakes to classmates, foreshadowed the sales skills that would eventually propel him to the top of Australia’s apartment development ranks.
Harry Triguboff: Education Through Global Hustle
After studying textile engineering at Leeds University, Harry Triguboff traveled around Africa and South America supervising milk runs, gaining an unexpected education in logistics and labor relations. He returned to Sydney in 1960 with £5,000 and a revelation: Australia’s postwar immigrants required affordable homes close to jobs and transportation.
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While working as a cab driver (to learn about the city’s growth patterns), he discovered that Sydney’s eastern suburbs lacked mid-range residences. This void became his golden opportunity when he bought a plot of land in Tempe for £7,800 in 1963—Meriton’s initial project.
The Birth of a Housing Empire
In 1963, Harry Triguboff constructed 18 small flats on his Tempe site and sold them through unorthodox advertisements in foreign-language media. When banks refused construction loans, he pioneered vendor financing, which eventually provided him unrivaled cash flow control.
Redefining Urban Living
Harry Triguboff accomplished what planners thought was impossible: providing 75,000+ units over 50 years while keeping Sydney relatively inexpensive. Meriton can undercut competitors by 15-20% thanks to his vertical manufacturing method, in which he controls every phase from land finance to leasing.
Despite his affluence, he is well-known for being hands-on, visiting construction sites on a weekly basis and negotiating directly with concrete suppliers. Meriton became Australia’s largest apartment developer thanks to its obsessive cost control, generating $3 billion in yearly income.
Family: The Foundation of His Fortune
Harry Triguboff has been married to Rhonda since 1961 and has two kids, both of whom are involved in Meriton operations. Unlike flashy billionaires, he still lives in the same Double Bay home he bought decades ago and drives himself to work, demonstrating his philosophy that riches is earned by hard work rather than ostentation.
The Fortune Built on Brick and Mortar
Harry Triguboff is Australia’s richest property developer, with a net worth of more than $15 billion. Meriton’s 70,000+ units (10,000 of which he owns as rentals) and $1 billion+ in annual rental income are the source of his wealth—a cash cow that allows him to fund new projects without relying on banks.
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Unlike REITs, which leverage to the hilt, Triguboff’s empire has no debt—a prudent policy that has shielded Meriton from every real estate catastrophe since the 1970s.
The Next Towers Rising
Harry Triguboff, 91, continues to approve all Meriton projects, including Brisbane’s highest residential tower. What is his latest innovation? Prefabricated bathroom pods speed up construction, demonstrating that even industry veterans can disrupt themselves.
