Billionaire developer Harry Triguboff has reported an impressive annual after-tax profit of $222 million, marking an increase of over one third compared to the previous year. This surge in profit comes despite Meriton Properties experiencing a significant decline in apartment sales during the 2025 financial year. The results, filed with Australia’s corporate regulator, provide a revealing snapshot of the shifting dynamics within the nation’s residential market.
Meriton’s diverse business model allows it to adapt to changing market conditions. The company not only develops and sells apartments but also manages rental properties, including serviced apartments. As interest rates remain high, potential buyers are facing steep borrowing costs, leading to a downturn in property sales. In FY25, Meriton’s income from apartment sales plummeted to $383 million, nearly halving from $726 million the previous year.
In contrast, rental income surged to $836 million, up from $765 million in FY24. This shift towards increased rental revenue has played a crucial role in achieving the bottom-line profit of $222 million, which rose from just under $165 million in the prior year.
The financial results indicate that while Meriton completed fewer projects and sold fewer apartments, the company managed to offset some losses. A smaller loss in the category of “changes to inventories of finished goods and work in progress” also contributed to the profit margins for 2025. Meriton noted in its accounts, “The group achieved strong rental income growth in FY25; however, this was partially offset by lower settlements primarily due to timing of project completions.”
Looking ahead, Meriton is optimistic about its future. The company anticipates a rebound in residential sales revenue for FY26, with several large projects slated for completion. Furthermore, Meriton is expanding its operations beyond property development and serviced apartments, venturing into property management and retail lending. Currently, Meriton owns 23 serviced apartment facilities, 27 build-to-rent blocks, 20 childcare centres, and six commercial precincts, with an operational portfolio of 35 retail shopping precincts.
The gross value of Meriton’s investment property portfolio has now approached $5 billion. Triguboff’s wealth is estimated at $29.65 billion for 2025, reflecting a 12 percent increase, making him the second-richest person in Australia. Mining magnate Gina Rinehart leads the list with a net worth of $38.11 billion.
Despite the fluctuations within the property market, Triguboff recently experienced a capital gain on the Silverpoint tower property, which he and his late wife, Rhonda, acquired. He lowered the original asking price by $1 million, ultimately selling the property for $11 million at auction.
As Meriton navigates the evolving real estate landscape, Triguboff’s strategic focus remains on expanding the company’s portfolio to adapt to market demands.
