The Victorian Government has secured the passage of the Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026, introducing a suite of reforms aimed at improving consumer protection and confidence in the apartment market.

Resilience Insurance, Australia’s leading Latent Defects Insurance (LDI) provider, has welcomed the move.

The LDI elements of the Bill passed with bipartisan support and now moves to the Legislative Council where debate and passage are expected later this month. It represents a significant milestone in the national shift toward stronger, longer-term protection for apartment buyers.&nbsp;

The reform would deliver practical benefits across the housing system. Apartment owners will have stronger protection if major defects emerge, developers and builders will have a clearer quality framework to work within, and the State will reduce the risk of serious building failures becoming a long-term financial and social burden for households, communities and government.&nbsp;

LDI helps support apartment delivery while providing stronger protection for buyers and encouraging better construction outcomes.&nbsp;

Resilience LDI provides apartment owners with 10 years of insurance-backed cover for major structural defects from completion, with direct claim access to the insurer. This means owners are not required to first pursue developers or builders through costly legal action before accessing protection.&nbsp;

Resilience Insurance has been operating in Australia since 2022 and has already insured hundreds of development projects covering many thousands of apartments across Australia.&nbsp;

At approximately 1.8 per cent of build cost, it is a cost-competitive alternative to the traditional two per cent Strata Bond, bond while delivering significantly broader and longer protection.&nbsp;

“The Victorian Lower House vote shows that reforms like this succeed when they are practical, evidence-based and supported by industry," says Corey Nugent, CEO of Resilience Insurance.

"Victoria is moving quickly on a reform that will make a real difference for apartment buyers, while supporting better building outcomes and greater confidence in apartment delivery.

“This is step one. We look forward to the Bill completing its passage through the Legislative Council and to working with government and industry to implement the framework effectively.”&nbsp;

Fast Facts: What is Resilience LDI?&nbsp;

<ul>
	<li>Resilience Latent Defects Insurance (LDI): Covers major structural defects for 10 years from completion.&nbsp;</li>
	<li>Consumer-first: Direct claim access, no need for lengthy legal action.&nbsp;</li>
	<li>Cost advantage: At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.&nbsp;</li>
	<li>Market leader: Resilience Insurance is the first approved LDI provider in NSW.</li>
</ul>

The Building Legislation and Treasury Legislation (Tax Relief) Amendment Bill 2026 has passed the Victorian Lower House, putting Victoria on track to become the first state to legislate an industry workable LDI framework as a formal alternative to the Strata Building bond. 

Joel Robinson

10-year Latent Defects Insurance for new apartment buyers set to land in Victoria

Just a few months after acquiring a prime Broadbeach site on the corner of First Avenue and Surf Parade, family-run developer <a href="https://www.apartments.com.au/developers/raptis">Raptis</a> has filed fresh plans for a new apartment development.

Raptis is seeking to deliver a <a href="https://www.apartments.com.au/new-apartments/17-19-first-avenue-broadbeach-qld-4217">29-storey tower with 73 apartments</a> on the 818 sqm site. It will be the developer's seventh project in the suburb, as they are approaching completion of The Sterling on George Avenue.

There will be a pool, barbecue and outdoor dining area, residents lounge and dining, sauna and steam room, gym, and a Yoga and Pilates studio.

<img alt="Raptis" data-entity-type="file" data-entity-uuid="b554da3f-7344-49aa-b1c9-44cf459af0d7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%2010.41.45%E2%80%AFAM.png?VersionId=zzjWu1iO1wnuYv4EV4fyOyf5nSXjGYut" />

Raptis Joint Managing Director, Evan Raptis, says they remain&nbsp;committed to developing quality infill sites across the Gold Coast in the lead-up to the 2032 Brisbane Olympics.

"This project continues our long track record of delivery in Broadbeach, and we look forward to bringing another premium development to this thriving precinct."

The announcement follows strong delivery momentum for Raptis, with The Sterling Broadbeach nearing completion and construction well underway on the final stage of the Waterpoint community adjacent to Harbour Town. The developer's continued investment in the Gold Coast reflects confidence in the region's apartment market fundamentals, underpinned by sustained Southeast Queensland population growth.&nbsp;

The outlook for the region is further bolstered by infrastructure investment tied to the Brisbane 2032 Olympic Games, which is expected to drive continued economic and population growth across the SEQ corridor.&nbsp;

Subject to a favourable response from Gold Coast City Council, construction on the new First Avenue tower is targeted to commence before the end of 2026.&nbsp;

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/it-s-all-in-the-family-four-decades-later-raptis-continues-to-shape-the-gold-coast-skyline">It’s all in the family: Four decades later, Raptis continues to shape the Gold Coast skyline</a>

Read more: <a href="https://www.apartments.com.au/news/qld/raptis-secures-prime-surf-parade-site-for-next-broadbeach-apartment-development">Raptis secures prime Surf Parade site for next Broadbeach apartment development</a> 
&nbsp;

Gold Coast developer brings seventh Broadbeach project to market, targeting construction commencement before year end

First look: Raptis lodges plans for new 29-storey Broadbeach tower 

Brisbane development veteran Kevin Seymour's Seymour Group is set to deepen its presence on one of Brisbane's most tightly held riverfront addresses, lodging revised plans for a luxury apartment development on Oxlade, just a few doors down from The Oxlade, which it completed in 2024.

The <a href="https://www.apartments.com.au/new-apartments/70-72-oxlade-drive-new-farm-qld-4005">new project at 70-72 Oxlade Drive</a>, directly north of The Oxlade, will have 27 apartments across a seven-storey building&nbsp;overlooking the Brisbane River and Merthyr Park. It's a revision from a 2021-approved design.

Designed by bureau^proberts, the project has evolved from the previously approved 26-apartment scheme, introducing an additional penthouse level while maintaining a low-density, boutique character. The development will comprise 26 three-bedroom apartments and a single four-bedroom penthouse, supported by two basement levels with 86 car spaces and 34 bicycle spaces.

The architectural response is centred around two distinct building forms separated by a landscaped open-air atrium.&nbsp;"This dual composition captures and embraces Brisbane’s subtropical environment whilst breaking down built form and scale," the submission to the Brisbane City Council noted.

<img alt="First look: Seymour Group returns to Oxlade Drive with revised riverfront apartment plans in New Farm" data-entity-type="file" data-entity-uuid="c12d84d0-bc11-4067-b46f-5bd2d786a34d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/new%20farm%20landscape.png?VersionId=YEPc2k5CAdh6aAPlu4uVpgZadh4MEfRd" />

A defining feature of the design is a deep landscaped void running through the centre of the building, creating what bureau^proberts describes as a "natural ravine" that enhances airflow, daylight penetration and resident amenity. The design report notes that the separation of the two building volumes is intended to maximise natural light, cross-ventilation and outlook while strengthening connections to the surrounding riverfront setting.

Curved balcony edges, integrated planting and extensive landscaping throughout the façade reinforce the subtropical design approach. The building's façade is softened by elevated gardens and planter beds, creating a green edge that complements the established landscape character of Oxlade Drive and neighbouring Merthyr Park.

New Farm has become one of Brisbane's most sought-after suburbs for developers delivering premium downsizer-focused apartments.

GRAYA has been particularly active in the precinct, completing both Chalk and York in recent years, while construction of Moray House, being delivered for Spyre, is now nearing completion. Architect-turned-developer Joe Adsett recently launched <a href="https://www.apartments.com.au/new-apartments/arcilla-new-farm-by-joe-adsett-28-maxwell-street-new-farm-qld-4005">Arcilla on Maxwell Street</a>, an exclusive collection of just nine apartments.

First look: Seymour Group returns to New Farm's Oxlade Drive with riverfront apartment plans

A new residential tower will be the first piece of a broader mixed-use precinct set to reshape a prominent Newcastle West site, with local developer <a href="https://www.apartments.com.au/developers/gwh">GWH</a> bringing its <a href="https://www.apartments.com.au/new-apartments/cambridge-quarter-newcastle-west-12-denison-street-newcastle-west-nsw-2302">Cambridge Quarter</a> vision to market.

The first release, Tempo, will introduce 87 apartments across a 24-storey tower, marking Stage 1 of the residential component of a larger urban regeneration project planned for the western end of Newcastle's city centre, encompassing the former Cambridge Hotel site.

Positioned on Denison Street, Tempo has been designed as the inaugural building within Cambridge Quarter, a precinct that will ultimately combine apartments, retail activation and revitalised public spaces including the revamping of the Cambridge Hotel.

[smartcode_project:default project_id=135876 project_image_fid=368853]

The tower will comprise a mix of one, two and three-bedroom apartments, including layouts with multipurpose rooms, catering to a broad cross-section of owner-occupiers. Apartment sizes range from around 60 sqm to 192 sqm, with a number of residences oriented to capture views across Newcastle Harbour, the city skyline and coastline.

GWH has emphasised liveability in the design, with open-plan layouts extending to generous balconies and terraces. Residents will have a choice of two interior palettes, while specifications include engineered stone benchtops, SMEG appliances, full-height bathroom tiling and secure building access. Premium upgrade packages will also be available.

Multiple rooftop resident retreats will provide communal outdoor space overlooking the harbour and city, offering an elevated amenity layer above the activity of the precinct below.

[smartcode_project:default project_id=135876 project_image_fid=368851]

The broader Cambridge Quarter vision extends beyond the residential tower itself. Ground-level retail activation and landscaped public areas are planned throughout the precinct, creating a walkable neighbourhood environment connected to the surrounding renewal of Newcastle West. The Cambridge Hotel is also earmarked for future redevelopment into a family-friendly hospitality venue integrated with the new precinct.

The project is strategically positioned within walking distance of Newcastle Interchange, providing access to light rail, regional rail services and direct connections to Sydney. Residents will also be close to Honeysuckle, Newcastle Harbour and the city's beaches and coastal walkways.

[smartcode_project:default project_id=135876 project_image_fid=368852]

For GWH, Cambridge Quarter represents one of its most significant Newcastle developments to date. The locally based developer, which has operated in the Hunter region since 1995, describes the project as a new chapter in the ongoing transformation of Newcastle West.

GWH Executive Director Jonathan Craig said the project had been shaped by a focus on creating lasting community connections.

"We take pride in creating places that last. Spaces where people feel connected, comfortable and a genuine sense of belonging," Craig said.

"Cambridge Quarter is something we are truly proud of, a place shaped by local knowledge, built with care and designed to be part of Newcastle's next chapter."

[smartcode_project_cta:default project_id=135876]

GWH unveils first release at landmark Cambridge Quarter precinct in Newcastle West

<a href="https://www.apartments.com.au/developers/ss-projects">S&amp;S Projects</a>,&nbsp;Rainbow Bay's busiest developer,&nbsp;has officially lodged plans for the largest development in its booming local portfolio, seeking approval for a further 88 apartments on Boundary Street.

The proposal&nbsp;at <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">209–213 Boundary Street, Coolangatta</a>,&nbsp;marks the next chapter in the developer's transformation of the southern Gold Coast beachside precinct. It will be its fifth in the area, having already delivered Flow, Awaken and Esprit, while construction continues on the 38-apartment Radia. The new project would rise 57 metres above a consolidated 1,518 sqm site, on the same street as Radia and Esprit.

&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, the proposed development comprises 88 two and three-bedroom apartments across a contemporary podium-and-tower form that integrates extensive landscaping from street level through to the rooftop.

The tower would be delivered above a basement and multi-level podium accommodating resident and visitor parking, with the residential component commencing from level three. The design incorporates cascading planting throughout the façade, landscaped podium edges, and deep planting zones along the Boundary Street frontage.

<img alt="First look: S&amp;S Projects lodges plans for 88-apartment wellness tower at Coolangatta's Boundary Street" data-entity-type="file" data-entity-uuid="677e6615-b5c0-4b6c-b4f9-efb14fcde1a6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ss%20da%20pers.png?VersionId=YOnPKQm7IFXv0M5H326djEpxk80500Hi" />

A key feature of the development is its expansive rooftop wellness and recreation precinct. Plans reveal a resort-style pool deck, gymnasium, sauna, steam room, hot and cold plunge pools, rooftop terraces, barbecue areas and landscaped relaxation spaces positioned to capture views across the southern Gold Coast coastline.

The rooftop wellness focus builds on the vision S&amp;S Projects first outlined when it acquired the site for $20.25 million last year.

"We are taking every advantage to create a truly unique rooftop wellness experience with a natural feel for residents, offering stone features throughout and an underlying theme that emulates a botanical garden," S&amp;S Projects founder and director Paul Gedoun said at the time.

The proposal seeks a 57-metre building height, representing a 50 per cent uplift on the site's mapped 38-metre height limit. Planning documents argue the additional height is consistent with recently approved and emerging towers in the immediate Boundary Street and Rainbow Bay precinct.

Urbis, acting as planning consultant, said the development would provide "88 dwellings, comprising a mix of two and three-bedroom apartments, contributing to housing choice and supply within an established medium to high-rise coastal urban neighbourhood."

The scheme has undergone extensive pre-lodgement consultation with the City of Gold Coast, with the design refined following feedback relating to architectural expression, landscaping, traffic access and podium treatment.

<img alt="S&amp;S" data-entity-type="file" data-entity-uuid="0a2d70fd-62ac-4b83-97c6-b798fc1243dd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-05%20at%209.16.31%E2%80%AFAM.png?VersionId=yHmghUwKM3IVGpBktQU1mE.0Lpf3WimG" />

The architectural team is led by Brisbane-based Cottee Parker, one of Australia's most active residential design studios, with landscape architecture by Dunn + Moran. The consultant team also includes ADG Engineers, Windtech and Acoustic Works.

S&amp;S Projects has become one of the most influential private developers operating on the southern Gold Coast. Since entering Rainbow Bay in 2022, the company has assembled a portfolio exceeding $1 billion in end value, establishing itself as a key player in the area's evolution into a premium apartment destination. Pezet Matheson will again handle the sales for S&amp;S.

Coolangatta is entering another wave of apartment development, following the delivery of several prominent residential projects in recent years.

John Kearney's Immerse Projects will launch&nbsp;<a href="https://www.apartments.com.au/new-apartments/kaiya-kirra-beach-5-haig-street-coolangatta-qld-4225">Kaiya on Haig Street</a>&nbsp;soon, meanwhile, Palm Beach-based Sherpa Property Group is preparing to bring its debut Coolangatta development, <a href="https://www.apartments.com.au/new-apartments/flourish-viver-87-griffith-street-coolangatta-qld-4225">Flourish Viveré</a>, to market later this year, subject to approvals.

First look: S&S Projects proposes 88-apartment wellness tower at Coolangatta's Boundary Street

Harry Triguboff

Harry Triguboff has noted that soaring building material prices posed a risk to other construction companies.

His comments come against the backdrop of Queensland’s Privium Group, the ABD Group in Melbourne and the Hobart home builder Inside Out Construction.

However Mr Triguboff declined to make a prediction on whether more builders would hit the wall, when he spoke yesterday at The Australian Financial Review Property Summit.

“The building costs are going up a lot,” he noted, adding "subcontractors cannot guarantee the price.”

He noted the soaring building costs were making it hard for developers to price apartment projects being sold now for completion in two years time.

Mr Triguboff's company Meriton builds its own projects.

“It’s not a matter of the labour force asking for a 5 per cent increase or 3 per cent increase. Iron ore prices have come down, but the steel has gone up. And it’s going up by a lot, not by 2 per cent – [but by] 10-20 per cent. It’s going up a great deal.”

The debt free Meriton ended the financial year with about $3.17bn worth of investment properties on its balance sheet plus $207m worth of vendor finance loans it has supplied to buyers of its apartments.

Dexus CEO Darren Steinberg and Lendlease CEO Tony Lombardo also raised concerns about rising costs of steel and timber at the summit.

A resumption of immigration and end to lockdowns was crucial, the property executives told the summit.

Harry Triguboff noted the soaring building costs were making it hard for developers to price apartment projects being sold now for completion in two years time

jchancellor-FAypfDUnLy

Apartment building costs are on the rise: Meriton boss Harry Triguboff's warning

Harry Triguboff has reportedly secured a Surfers Paradise apartment development site.

He has spent $75&thinsp;million to buy an oceanfront site consolidated by Singapore&rsquo;s Banyan Tree group.

The 4423sqm Banyan Tree site is at the northern end of the Esplanade.

The triangular site is partly occupied by the 46-year-old Bahia tower and the Beach Lodge low-rise.&nbsp;

Banyan Tree consolidated the site in 2014 for $50 &thinsp;million, then gained approval for a twin-tower project, Cassia Northpoint, and then the Singaporean-based hotel and resort operator looked for a joint venture partner for its proposed $500 million project.

<a href="/developments/gold-coast-qld?source_news_article_id=101626&amp;ref=news_body_link"><img alt="" height="797" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/gc_newest_tile_jpeg_4.jpg" width="1200" /></a>

The sale comes after it disposed a Brisbane holding on which it envisaged a 128-apartment tower.

Triguboff, 88, is close to completing a nearby 76-floor tower on The Esplanade, Surfers Paradise.

It was 2018 when Triguboff paid $58 million for the 22-level International Beach Resort (formerly the Apollo), to construct Ocean, a 76-level building with more than 700 serviced and residential apartments.

He plans two 55-floor towers for the Banyan site and the Gold Coast Bulletin says he will keep one of them with a Meriton Suites hotel.

Triguboff believes the Gold Coast is &ldquo;entering a new era&rsquo;&rsquo; post-Covid.

Harry Triguboff has reportedly spent $75 million on an oceanfront site in Surfers Paradise

jchancellor

Harry Triguboff's latest apartment site acquisition

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Harry Triguboff's Meriton has seen a huge fall in profits in the recent financial year.
But Meriton has seen a 44 per cent boost in the number of units in various stages of development to 12,871 units.
It sat at 8954 in the 2019 annual return.
The financial documents lodged with the corporate regulator this week show after tax profits for Meriton Properties dropped 95 per cent from $356 million in 2019 to $19.4 million this year.
Revenue fell by $300 million to $1.45 billion as sales of apartments slowed and occupancy rates at his serviced apartments fell..
The Meriton balance sheet reveals a net asset base of $4.2 billion, up from $4.19 billion a year earlier, with more than $3.22 billion in land and buildings.
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At 30 June 2020, the company expected to spend $1,127,571,929 on future construction activities for jobs under construction.
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Meriton has some $227 million in vendor finance loans, up from $204 million. 
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The facilities are made on an average rate of 5.16% (2018: 5.86%) and are interest only loan with a maturity of two years.
The number of investment units including serviced apartments it owns now sits at 11,591 units, up 28 percent.
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It got $447 million in rents, down from $481 million, but signalling hopes of returning rental units into short-term stays as pandemic interim leases rolled off.
“Whilst the COVID-19 pandemic has impacted sales, service apartments and rental markets in the short term, the group is on track to return to pre-COVID-19 levels by June 30, 2021,” a note in the financial report advised.
Triguboff recently admitted to The Australian of being “scared” of the consequences for the property sector of a fall in immigrants during the pandemic.
The company paid no dividend.
Selling exposes dropped from $49 million to $37 million, while salaries rose from $99 million to $101 million.
Much of the drop in profit was due to the accounting treatment of Meriton's inventory as revaluations turned negative and were booked as a $248.8 million loss, compared to a $66.5 million gain a year earlier.
The devaluation flowed from the values Meriton ascribes to elements of its large suburban projects which it hands over to local authorities as public space or roads, the AFR advised.
The Meriton financial results noted the company had signed a settlement deed with the Australian Tax Office in September.
It was over a dispute covering the 2014-2017 tax years, resulting in a $67.64 million bill, including shortfall interest charges and penalties.
It noted Meriton booked an $8.3 million tax bill in 2020 after paying $149 million the previous year.
The annual report to June 30, 2020, noted a new board member added in October, Albert Chan.
He joins Harry Oscar Triguboff, James Sialepis, David Cremona and Matthew Thomas.
The banking facilities are subject to an annual review with $480 million facility due to mature on 31 May 2023.
The margin loan facilities are with Credit Suisse with a limit of $100 million, Cretonne with a limit of $125 million, and Citibank Private a limit of $100 million.
"These amounts are undrawn," it noted.
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Harry Triguboff's Meriton revenue sits at $1.45 billion, with 12,871 units in the works

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The billionaire apartment developer Harry Triguboff is expanding to Canberra.
It comes after buying his first site in Melbourne.
Triguboff told The Australian he expects the upswing in buyer interest to continue, saying it kicked off with the change of government and removal of Labor’s threat to wind back negative gearing tax breaks.
During the housing market downturn Meriton retained many of its completed units taking Triguboff's personal investment portfolio to more than 9400 apartments.
Triguboff’s portfolio is split equally between serviced apartments and leased units.
His hotel arm expanded in the slower market.
“It’s no good selling if the market doesn’t want to buy,” Triguboff told The Australian.
He is surprised at how quickly the market has rebounded — from selling five units a week in January to about currently around 30-35 a week.
The inner workings of his business empire has been revealed by The Australian after the lodging of financial accounts with the corporate regulator by the Meriton company.
Meriton made a pre-tax profit of $485 million in the 2018 financial year, according to its recent accounts lodged with the Australian Securities &amp; Investments Commission.
Meriton’s revenue reached $1.84 billion.
It made a net profit of $340 million after paying $145 million in company income tax.
It was down from the previous year when Meriton made $384 million net profit from $1.79 billion revenue.
Triguboff did not take any dividends.
The Meriton accounts noted “although the residential selling market continues to be stagnant, both rental markets and serviced apartments continue to be in strong demand and underpin revenue increases for 2019”.
Meriton’s accounts shows it owns $2.97 billion worth of land and buildings.
It had $162 million in current loans and $195 million in non-current loans out to buyers of Meriton apartments through vendor financing.
The accounts showed Meriton having about 12,000 apartments at various stages of development.
Its annual report had noted about 8200 investment units that Triguboff maintained ownership, which was now substantially higher.
Meriton has net assets of more than $3.8 billion and retained earnings of $3.6 billion.
The Meriton accounts also show it owns $265 million worth of structured financial products.
His Canberra purchase is a project site with permission for a 17-level, five-star hotel in the city’s CBD.
Meriton bought the site in Canberra’s Civic precinct at 40 Allara Street for $23 million from the Australian Unity Property Income Fund reportedly in an off-market deal.
It is part of Harry's “rapid” expansion plans for the Meriton Suites arm.
<div id="listing-recommendation-midcontent" class="experiment">“Canberra long has been on our radar because it’s drawing nearly 3 million visitors a year,” Mr Triguboff told Nine Entertainment.</div>
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j.ballantyne1990-6AQqhLzZaK

Billionaire developer Harry Triguboff's personal investment portfolio tops 9400 apartments

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The Meriton apartment developer Harry Triguboff increased his wealth by $770 million in the past year, but still slipped down a spot to be named Australia’s third richest person in 2019.
High-rise Harry was given a $13.54 billion net worth on the nation’s wealthiest 200 in the Financial Review Rich List.
With wealth of $15.57 billion, paper and packaging magnate Anthony Pratt ranks as the nation’s richest, followed by mining magnate Gina Rinehartwith $13.810 billion.
The Shimao property baron Hui Wing Mau came fourth at $10.390 billion and tech whiz Scott Farquhar fifth with $9.75 billion and his Atlassian co-founder Mike Cannon-Brrokes sixth at $9.63 million.
Cannon-Brookes and Farquhar were placed fourth and fifth on The List of Australia’s Richest 250 when it was published by The Australian in late March, with wealth of $9.01 billion each — the bulk of which is from their respective, and equal, Atlassian share holdings.
Property dominated The List — Australia’s Richest 250, contributing 68 members. Combined, the 68 are worth more than $85 billion and are responsible for the biggest housing projects around the country. The AFR Rich List has 63 with their source of wealth put down to property.
Triguboff is the country’s biggest landlord, and has recently built many of his 65,000 apartments to rent them out.
Frank Lowy sits in 7th place on the AFR list with $8.56 billion. The Westfield co-founder Frank Lowy says he now feels “at home” after moving to Israel late last year.
“I feel that I’m home. That’s all. Very simple,” Sir Frank said in an interview with Israel television network Channel 12.
The Times of Israel has reported Sir Frank as having “made Aliyah”, which is the migration of Jews to Israel.
Sir Frank, who was born in 1930 and survived the Holocaust in Hungary, became an Israeli citizen in February.
Sir Frank and his wife Shirley, who battling Alzheimers, are the subject of the documentary What Will Become of Us, which is showing at the Sydney Film Festival next week.
In December 2017, Sir Frank pulled off the biggest deal in Australian corporate history: the $US24.7bn ($32bn) sale of his Westfield retail empire to French company Unibail-Rodamco. 
Property developer Bob Ell, with an estimated worth of $1.84 billion, sits in 44th place.
Leda is behind the lucrative Cobaki Estate development, west of Gold Coast Airport.
The property investor Con Makris and his family are No.69 on the list with a worth of $1.32 billion.
Garry Rothwell at Winten is in 150th place with $656 million.
Jerry Schwartz is No.178 on the Rich List list with a worth of $554 million.
The cosmetic surgeon is Australia’s largest private hotel owner, the son of late Hungarian immigrants Bela and Eve Schwartz, who built up a portfolio of hotels, resorts and pubs across Australia. 
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Harry Triguboff slips to Australia's 3rd richest billionaire despite boost in wealth

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Australia's biggest property developer Harry Triguboff says Sydney's apartment boom had relied too much on Chinese buyers.
"We depend too much on Chinese purchasers," the Meriton boss said in a letter emailed last month to local Sydney estate agents.
"Foreigners must only be an additional bonus," said the veteran who has overseen the construction of more than 75,000 residential dwellings over the past six decades.
"I don't want us also to depend on high priced foreign lenders to provide the finance instead of our banks."
"We must stand on our own two feet," he said adding this independence was "far away".
"We will have stability," he said when Australia depends on itself.
Triguboff concedes the Chinese played a big part in pushing the property prices up, and says even in the current reduced turnover were still significant buyers.
On the price front Triguboff says "the rapid price fall is slowing down, maybe completely stopped".
"We will only know later," he indicated.
He says everything must be done to ensure that property prices don't drop any further.
"They should rise otherwise, no one will build," he warned.
"If prices fall the economy suffers."
The developer, who employs 898 staff, was motivated to send the letter to estate agents with a desire to generate sales amid negative media headlines.
"We are all talking about Reserve Bank lowering interest rates, but that is only a minor matter.
"Banks must lend, but they do not because they are afraid.
"Now that we have shown where they were wrong (at the Royal Commission), we must encourage them to lend, and use their discretion." 
The optimist developer says young buyers face a wide choice.
"There's no dreadful hurry ...it's not going to jump up tomorrow."
He said Sydney's planning system must also change.
"A lot of the costs are because of the planning system," he said. 
Ahead of the declining property market, the apartment king posted after tax profits of $384 million in the financial year ending June 2017, according to Meriton's latest annual return which was lodged last month.
The $384 million profit was up from the $230 million profits Meriton saw in 2016.
There was $1.7 billion in revenue.
He said buyers and renters "flocked" to new apartment blocks.
"The old blocks with few facilities and in the wrong places will suffer.
"Some of our leaders think that people suffer when we build units.
"That is nonsense. 
"We see even councils who were against units now trying to allow high rise because they are left behind. 
"We must remember the demand for housing is great," said Triguboff who founded the company in 1963.
He says his was not unduly concerned about the low sales turnover in the short term.
"It is so easy for me to lease," he told Channel 9 finance editor Ross Grenwood.
"I'm not buying any land," he added.
He warned if the State Government refused to fix the planning department and the banks didn't lend that construction would stop.
"And prices will rise because of a lack of supply," he forecast.
This article first appeared in The Daily Telegraph. 
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Harry Triguboff says apartment boom relied too much on Chinese buyers

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Overcoming his dread of the trade union influence, the Meriton apartment developer, Harry Triguboff has ditched Sydney to try his luck in the Melbourne property market.
Triguboff has bought a serviced apartment site at 140-146 King Street near Southern Cross Station, between Bourke Street and Collins Street.
He will develop a Meriton Suites apartment hotel to replace the three storey building.
The deal, worth about $29 million, will be Meriton's first development outside of NSW and Queensland, where it has completed about 70,000 apartments over the past six decades. Triguboff recently admitted the recent Sydney apartment boom had <a href="/news/harry-triguboff-says-apartment-boom-relied-too-much-on-chinese-buyers">over-relied on Chinese foreigners</a>.
The King Street, Melbourne site last sold at $10 million in 2013.
The vacant, three-storey concrete building had been expected to fetch more than $20 million, according to a report by The Age in February.
It was offloaded by Besgate Group, a little-known Sydney-based developer, backed by wealthy Chinese families, who got cold feet about Melbourne’s development market.
Besgate Group, led by the Alexandria-based Justin Gao, had burst into Melbourne’s development market in 2013 when it snapped up three city sites within six months.
Besgate's shareholders are Gao Pty Ltd; Baohua Pty Ltd directed by the Pyrmont-based Hua Gao; and Elda Group Pty Ltd, which is directed by Justin Gao, Xiao Han Sheng, Li Fan and accountant Peter Hedge. 
The site at 140 King Street could support a high-rise tower on the 781-square-metre site with an existing 2016 permit for a 57-storey building with 263 apartments.
ROTHELOWMAN's design for 140 King Street was <a href="http://www.besgate.com.au/portfolio/melbourne-king-street/" target="_blank">reminiscent of a luxury watch wrist band</a>. 
There were 11 offers on the site in the recent tender.
The listing agents <a href="http://www.meltoday.com/content-101910651106054" target="_blank">told the Chinese press</a> the flexible site was also suitable for the development of mixed-use, commercial, student residences, hotels or serviced apartments.
Triguboff's wealth was recently put at $12.3 billion in the Rich List published last weekend by The Australian.  
<div>Considered the most comprehensive study of the country’s wealthy elite ever undertaken in Australia, The List was curated and edited by wealth expert John Stensholt and a global team of researchers and journalists.</div>
<div>
 Triguboff's wealth is apparently set to soar to over $13.5 billion in the upcoming, belated Financial Review Rich List. </div>
“It is very exciting for us to bring Meriton to Melbourne, giving the hotel business a complete presence from Melbourne, throughout Sydney and up to Brisbane and the Gold Coast," Mr Triguboff told Nine Entertainment. 
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"Guests have been asking for a long time, ‘when are you coming to Melbourne’, but it hasn’t been the opportune time, until now.
"It is a great location for us and our early discussions with local government made us feel very welcome – they want us to get started quickly," said Mr Triguboff.
Trade union power wasn't the only issue Triguboff has had with Melbourne.
 In a 2017 interview he said he had a problem with the weather.
"I don’t like it that it is cold. I’m too old. Old people need warmth," he said.
Meriton’s director of construction, David Cremona, said the company would seek tenders shortly, with construction due to commence later in the year.
Meriton founded its burgeoning serviced apartment business in 2003.
It currently comprises 18 hotels and 4644 self-catering suites, making it one of the country's largest owner of hotel rooms.
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Harry Triguboff overcomes dread of CFMEU trade union influence and buys first Melbourne project site

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Billionaire apartment developer Harry Triguboff has reaffirmed prices in his new projects had dropped about 15 per cent in the past year.
The Meriton founder says slow wage growth was adding to the drag on the weakening housing market.
“Buyers still say they can’t ­afford it,” Mr Triguboff told The Australian.
“Wages here have to be higher.”
An average Chinese buyer can afford a unit in Sydney, but an Australian cannot, despite the falling prices, said Mr Triguboff.
He has previously suggested there is no bust coming when he initially signalled mid-year that prices had slumped.
Despite the weakening, Meriton’s two-bedroom unit prices hover around $1 million.
Triguboff said the average Mascot two bedders was about $1.1 million while at Pagewood it was $950,000.
Stagnant wages were "worsening" the conditions, Mr Triguboff said.
“Nobody qualifies for loans.”
Last October Harry Triguboff advised he'd been cutting prices by five per cent and covering the additional stamp duty costs for buyers of its apartments over the past year.
Triguboff says its had cost about 10 per cent of Meriton's $1.2 billion turnover.
"It may be too early to say," Mr Triguboff told The Australian Financial Review. "But if you take a turnover of $1.2 billion, then you take 10 per cent, it will cost $120 million."
Triguboff said a lot of Chinese buyers lost their <a href="/news/as-prices-fall-15-harry-triguboff-confirms-chinese-apartment-buyers-lost-their-10-percent-deposits">10 percent deposits last year.</a>
 
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Harry Triguboff reaffirms 15 percent apartment price decline

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A lot of Chinese buyers lost their 10 per cent apartment deposits last year.
"That was the worst time,” the Merton boss Harry Tribuboff told The Australian noting the trend had dissipated, but interest from Chinese buyers was still slow.
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Tribuboff confirmed Chinese buyers were “very important to our segment of the market”.
“It is very important not to find new reasons for raising their costs,” he said.
Triguboff didn't specify the extent but said it was a "lot" of Chinese buyers. 
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Apartment prices in Sydney had fallen 15 per cent since early last year and were still weakening, but settling down, according to billionaire developer.
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He suggests there is no bust coming.
Last year Harry Triguboff, Australia’s biggest apartment owner and developer, was offering his buyers free stamp duty.
It applied to local and overseas buyers, but excluded foreign person surcharge purchaser duty and additional foreign acquirer duty.
Robert Gottliebsen, writing in The Australian, indicated the initial reaction to the offer had been from overseas Chinese who were embracing the finance offer.
 
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As prices fall 15%, Harry Triguboff confirms Chinese apartment buyers lost their 10 percent deposits 

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The Australian Financial Review Rich Lister Harry Triguboff has sued Fairfax Media complaining the newspaper had gravely injured his character and reputation, and he had suffered hurt and embarrassment, and will continue to suffer loss and damage.
The matter complained of was an article headlined “Developers offer stamp duty discounts as off-the plan apartment sales slow” published last August.
The article quoted managing director of CBRE Residential Projects, David Milton saying "developers who rely heavily on foreign buyers or sell poorer quality stock tend to revert to these tactics.
“Meriton have been selling stock overseas and haven’t focused on the local market and for property developers like Meriton, in order to sell lower quality products, they have to offer discounts,” Milton said.
The article added while Sydney apartment sales had slowed overall compared to the frenzied years of 2003 and 2014 – given higher foreign buyer surcharges and cut in bank lending to investors – David Milton said apartments were still selling at healthy levels, particularly those in good locations and are well developed.
The article included an artist’s impression of a Meriton project in Pagewood and Meriton's Altitude apartments in Parramatta.
Triguboff submitted that the defamatory condition attributed to him is his conduct in running a business that produces low quality products.
He submitted that the "quote in the article from CBRE was the primary part of the article where the allegation of discounting by reason of low quality is made and is clearly capable of being carried."
He submitted that an "allegation that a person who in the business of making something produces something that is low quality is clearly capable of being defamatory."
But Triguboff's claim failed as the article didn't mention him by name but only made critical comments about his company, Meriton.
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Companies with more than 10 employees cannot sue for defamation.
Triguboff's legal team, Ms S Chrysanthou with Mr N Olson assisted by lawyer Mark O'Brien argued that given his name was so synonymous with the Meriton brand, he could reasonably be personally identified as the target of claims about the company.
He cited Matthew Lennartz; Andrew Hope; Tim Franzen; Nichola Malouf; and Walter Gordon as readers who who both read the matter complained of and identified the applicant, Harry Triguboff.
It was submitted by Mr Triguboff that evidence would most likely not be required to establish, for example, that Mr James Packer was identified by a publication which referred to Crown Casino, because of the notoriety of his connection with that business.
Fairfax Media lawyers argued that the pleaded imputations lack the necessary “defamatory sting”, because it was not defamatory of a company or its management to say that a company (and thus effectively, on this alternative argument, Mr Triguboff) produces something of “low quality”.
Fairfax argued that the term used in the article was merely descriptive, and not a statement reflecting adversely on Mr Triguboff’s conduct of his business.
Fairfax was represented by Banki Haddock Fiora, with barristers, Mr A T S Dawson SC with Ms S Jeliba.
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<div>Federal Court Justice Robert Bromwich noted the article suggested that developers such as Meriton sometimes address a slow-down in sales of poorer quality apartments by offering stamp duty discounts.
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<div>But he ruled that a reference to a company can't be seen as automatically a reference to those who run or own it, "however notorious the fact of that ownership". </div>
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<div>The article had quoted Meriton director of sales James Sialepis saying it was not unusual for developers such as Meriton to offer incentives occasionally and was not an indication that there was a glut of apartments or a potential major correction in prices.</div>
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