Property developers and real estate disrupters feature on rich list

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Oct 28, 2016

Property developers and real estate disrupters feature on rich list

The real estate boom has driven the total wealth of the BRW 100 Young Rich to a record high of $12.3 billion.

Image: gurner.com.au.

Tim Gurner, founder of property development company, Gurner, is number seven on the BRW Young Rich List.

Property developers and real-estate tech entrepreneurs feature heavily on the 2016 BRW Young Rich List, which is published in The Australian Financial Review today.

The BRW Young Rich List looks at the wealth of Australians below the age of 40, and excludes inherited wealth.

Number five on the list is Perth-based property developer Paul Blackburne, with total wealth of $483m. Blackburne was third in the list last year, but has dropped back a place amid the weaker WA property market.

Simon Clausen is number six. Clausen made his fortune by investing in technology businesses, including Chinese real estate portal Juwai.com.

Melbourne property developer Tim Gurner is seventh on the list with a $414 million fortune. Gurner, who only launched his business in 2013, will soon have more than $3 billion worth of apartments in the pipeline.

Ori Allon sits at number nine. Allon, who is said to be worth $316 million, disrupted the US property market with his apartment-search software, Compass. Based in New York, Allon has recently opened offices in Los Angeles, Boston and the Hamptons.

The total wealth of the 100 members on the list was up $1.7 billion for the year to a record high of $12.3 billion, helped in large part by stronger property prices.