Billionaire developer Harry Triguboff has recorded a substantial annual after-tax profit of $222 million for the financial year 2025, marking an increase of over one third from the previous year. This profit surge comes despite a decline in apartment sales revenue for his company, Meriton Properties, which has faced challenges due to high interest rates and construction costs.
The financial results, filed with the corporate regulator on September 29, 2025, provide a snapshot of the changing dynamics within Australia’s residential property market. As the nation’s second-richest individual, Triguboff’s success highlights the resilience of his business model, which allows Meriton to adapt between property development and rental income streams.
Rental Income Growth Offsets Sales Decline
During the 2025 financial year, Meriton’s income from apartment sales plummeted to $383 million, a significant drop from the $726 million recorded the previous year. This decline is attributed to the high borrowing costs that have deterred potential buyers and the overall slowdown in the building sector.
In contrast, rental income experienced a notable increase, rising to $836 million from $765 million in the previous year. This shift towards rental revenue played a key role in bolstering Meriton’s bottom line, allowing for a profit of $222 million, compared to just under $165 million the year before.
The profitability was also aided by a reduced loss in the category of “changes to inventories of finished goods and work in progress.” Meriton noted in its financial report, “The group achieved strong rental income growth in FY25; however, this was partially offset by lower settlements primarily due to timing of project completions.”
Future Expansion Plans
Looking ahead, Meriton is committed to expanding its real estate portfolio, with expectations of higher residential sales revenue in the upcoming financial year. The company has several large projects scheduled for completion, which could enhance its market position.
Additionally, Meriton is diversifying its operations beyond property development and serviced apartments. The company is now venturing into property management and retail lending. Its current portfolio includes 23 serviced apartment facilities, 27 build-to-rent blocks, 20 childcare centres, and 35 retail shopping precincts. The gross value of Meriton’s investment property portfolio has climbed to nearly $5 billion.
While Triguboff’s wealth is estimated at $29.65 billion as of 2025, reflecting a 12 percent increase, he remains significantly behind mining magnate Gina Rinehart, who tops the list with $38.11 billion. Recently, Triguboff experienced the volatility of the property market firsthand, reducing the asking price of a property by $1 million before selling it at auction for $11 million. Despite this, he still realized a substantial capital gain on the Silverpoint tower property he acquired with his late wife, Rhonda.
As the residential market continues to evolve, Triguboff’s strategic decisions will likely play a crucial role in shaping the future of Meriton Properties and the broader Australian property landscape.
