Harry Triguboff

You see, you see many.

And one of the, one of the greatest and also taught me a lot was Harry Triguboff from Meriton.

He, you know, he's been doing it a lot longer than, I think since 19- uh, he's been doing it 50, 60 years, if not longer.

And most of the construction businesses were originally privately owned, and they were family owned, and they've all stuck through it.

Mm.

Um, mainly because if it's Harry Triguboff, he comes to you and says, "I wanna buy this property off you," you're the, as a landowner, you're saying, Terry, he's got all the money in the world.

Mm.

He can afford to settle.

Mm

... to settle, um, which gives comfort to a landowner.

Whereas when it's someone like myself who started small and I've got a, you know, a real estate business in Brisbane and I do Cairns and Adelaide and Sydney and Brisbane, but I, I'm not a high net worth individual, uh, like Harry Triguboff.

So the landowner will often look at you and say, "Well, mm, has he got the capacity to settle? He's gotta get all these things right.

So there's literally tens, 20 millions to get a return, so of course they're gonna make more.

The same as how's Meriton, Harry Triguboff, he can buy assets for 20 mil and flog half the land for 20 mil the next day kind of thing.

Like, yes, that's possible, but 99.9999% of everyday [laughs] Australians are not even in that realm, let alone a $2 to $5 million commercial property.

Char- you know, Charter Keck Kramer, you know, Scott Keck's basically the chairman of it and, you know, I've watched him before, and he sort of said like, you know, "There's no point playing in the commercial market under sort of 5, 10 million.

And a lot of people always say, um, "Are you gonna saturate the market?" And I-- Again, when I looked at the rooming house register, I'm estimating there's between ten and eleven thousand rooms already in, in Melbourne of a, um, city that's got five point three million people living there.

The interesting thing is, like, when a developer like Harry Triguboff or, uh, some of these other big apartment developers that build, you know, a hundred, hundred and fifty, two hundred apartments, um, people celebrate and say, "We need housing diversity.

We need more affordable housing." But you put two nine-bedroom rooming houses in one suburb, and everyone freaks out thinking it's gonna be saturated.

What I've learned over a decade in this industry is that there's demand everywhere for affordable housing, and everything rents at the right price.