Australia’s richest families are making even more money thanks to the booming Sydney market. Led by the Smorgons, many of the families have moved into property to boost their already considerable wealth, BRW Rich List editor John Stensholt says.
Twenty of the 50 wealthiest families made their initial fortunes in industries ranging from steel to retail to manufacturing and hosiery, but have made even more by pouring the wealth into property.
Stensholt says the Baiadas, the family behind the Steggles and Lilydale poultry brands, are on the cusp of making a lot more money from property through their development business Celestino.
“Most of the wealthy families are undertaking big residential property projects originally designed to be drip-fed on to the market over several years and thus ensure steady income and returns,” Stensholt said. “But even that strategy has accelerated with the housing boom.”
The Smorgons remain the nation’s wealthiest family with a steady $2.7 billion fortune in the BRW Rich Families list, released on Wednesday.