Meriton billionaire's urgent warning to Australia as property prices drop: 'What is the point of working hard if prices drop?'

By KYLIE STEVENS, SENIOR BREAKING NEWS REPORTER, AUSTRALIA Published: 01:27, 15 July 2026 | Updated: 01:27, 15 July 2026 Australia must boost immigration and cut planning red tape to avoid economic disaster, according to one of the country's richest men - who says falling property prices will sap Australians' incentive to work hard. Meriton founder Harry Triguboff, 93, has weighed into the immigration debate and issued fresh warnings for the housing sector as property prices tumble across the country. He blames the weakening market on repeated interest rate hikes and the Albanese government's new tax changes targeting negative gearing and capital gains. The property developer, worth $34.1billion, fears potential buyers will disappear altogether. 'We have a catastrophe in real estate and that means that we have a terrible mess in this country,' Mr Triguboff began in a piece published on the Meriton website. 'It's no good writing that prices are dropping. We must also say what must be done for prices to rise. 'If prices keep dropping, buyers will disappear. It's natural instinct to adopt a wait and see approach. The mindset is, why buy today what will be cheaper tomorrow. 'As people stop buying, they stop working hard. What is the point of working hard if prices drop?' Meriton founder Harry Triguboff fears that Australia's dire property market is headed towards a catastrophic disaster The property developer believes the crisis can't get much worse, particularly in NSW. Pictured is an auction in Sydney At Meriton, we have never had so many people coming to look but all are so indecisive.' Mr Triguboff took aim at the Big Four Banks, which he says are causing indecisiveness among potential buyers. 'Another reason they don't buy is because the banks make it impossible for them to get a loan,' he continued. 'The banks must give loans otherwise both the banks and the buyers go broke. It is just not sustainable.' Mr Triguboff also blasted the federal government over its indecisiveness on immigration strategies. He acknowledged Australia needs migrants to grow, but says the country must be selective to ensure everyone benefits. 'Of course, everyone wants to come here but we need to learn to choose the right people,' Mr Triguboff said. 'This country must grow. It's too big to be left in its present state.  The Big Four Banks are causing indecisiveness among potential buyers because they can't get loans, according to the billionaire He singled as Queensland (Gold Coast home pictured) as a glimmer of hope for investors How should Australia fix its broken property market to help both buyers and builders thrive? What's your view?'To develop we need more people but we argue who should come. When they do come here, they mix very well with the local people. 'Then we are told we have 2-4 per cent unemployment. It's much greater than that. Those numbers are wrong. 'Many people want work and can't get it.' Mr Triguboff singled out Queensland as a glimmer of hope for investors, saying it's easier to buy there while tough regulations in other states are holding buyers back.  'Investors must make a reasonable profit,' Mr Triguboff said. 'The Chinese came and lost money, the Japanese came and lost money. They don't come to lose money. 'Our people leave the country because it is too hard to work here. 'The upside is that in Queensland, the bureaucrats listen and try to help. Billionaire Harry Triguboff expects more people to flee NSW's housing crisis Australia needs migrants in order to grow but  the government needs to be more selective of who should come to ensure that everyone benefits 'In other states the bureaucrats couldn't care less. We have state rules, government rules, which are very stagnant.' The Sunshine State has retained its position as Australia's top destination for interstate migrants with 24,328 arrivals. Western Australia was the only other state to record positive net interstate migration. NSW accounted for 60 per cent of Queensland's net interstate migration gain, according to new analysis by the Real Estate Institute of Queensland. Of the 21,465 people who fled NSW, 13,000 headed north. 'In Queensland we can discuss the problem. Here in NSW, we must do what the law says. Even if the law is old and outdated,' Mr Triguboff said. 'We must try to succeed, not hope for the best according to the old laws. 'That is why people leave Sydney and go to Queensland.'