Apartment developer and billionaire Harry Triguboff says record price growth in Sydney is no impediment to more gains, but property investors with an eye for longer term capital growth should look to Queensland.
And who better to ask than Harry? More than 60 years after arriving in Australia, he is on top of the world as Australia’s largest apartment builder and the country’s sixth richest person with an estimated net wealth of nearly $5 billion according to the 2013 BRW Rich 200.
Impressive statistics yes, but sit down and chat with Triguboff about his journey and it’s his passion for the industry that shines through, rather than mere wealth accumulation. At a time when demand for apartment housing is soaring there is no better person to talk with in terms of pointing potential buyers in the right direction.
All investment decisions are about timing, and while this appears to be an ideal time to invest in apartments, identifying the right markets in the best regions is the key to success. The short answer, says Triguboff, in terms of emerging markets, is New South Wales for immediate returns and Queensland for longer term investors.
In Sydney, a market he knows intimately and dominates so comprehensively, he suggests the areas of Zetland, Alexandria and Mascot, outer CBD areas that have ready access to road and rail transport, providing easy access for city workers.
Also, these areas are within 10 to 15 minutes of seaside precincts such as Coogee Beach where there has been substantial investment in the restoration of historic buildings and the development of upmarket restaurants and chic boutiques.