Harry’s Not Wild About Mike’s Budget

14/06/2012 5:45 am


Billionaire Developer Harry Triguboff is not convinced that the State Government's budget measures, directed at housing, are enough to give the property development industry the boost it needs.  Although, Harry as always is looking at from what's in it for Harry.

Harry told AFR that he felt the NSW budget this week contained little that would benefit him. He said 1 per cent of his customers were first-home buyers, so most customers would miss out on the ample cash handouts promised in the budget. He also expects the measures to ironically cause a temporary slowdown in the market. The market for new homes will be quiet for three months until October 1 when most of  the incentives begin.

Harry is also joining the chorus of people suggesting that developers will simply raise their prices to compensate for the buyer incentives.

"This budget is meant for cottages, and nobody wants cottages," Mr Triguboff told AFR. "They all want apartments."

Harry of course sells apartments.