Meriton has reported a significant increase in profit despite a challenging Australian real estate market, posting a 72.6 percent rise in after-tax earnings for the year ending June 2026. The property developer recorded a profit of $552.1 million, up from $306.7 million the previous year, according to documents filed with the Australian Securities & Investments Commission.
The company, founded by Harry Triguboff—Australia’s wealthiest individual—also saw revenue grow to $2.05 billion during the 12-month period, compared with $1.336 billion in the prior financial year. Established in the 1960s, Meriton has developed more than 80,000 apartments across major Australian cities including Sydney, Melbourne, Brisbane, and the Gold Coast.
Triguboff attributed the robust financial performance to the completion of several apartment towers during the 2026 financial year, which contributed to an increased number of property settlements. Despite the prevailing softness in the real estate sector, he noted there has been steady demand from buyers, although securing financing through banks remains a challenge for many.
“We are seeing more buyers in the market, although they are still finding it difficult to get finance from the banks,” Triguboff said. “However, we are happy to sell to anyone who, in our opinion, can afford it.”
The developer also demonstrated flexibility in responding to market conditions, adjusting project plans to focus on smaller and more affordable units to meet current demand. Triguboff emphasized that these project adaptations were part of Meriton’s ongoing strategy to remain competitive amid shifting buyer preferences.
He further highlighted that the completion of Meriton’s apartment towers follows lengthy approval and construction processes, indicating that the company’s recent results reflect developments initiated several years prior.
Despite broader headwinds facing the Australian property market, including rising interest rates and tighter lending standards, Meriton’s 2026 financial results reflect strong operational execution and a capacity to adapt to evolving market conditions.