Metricon owners hope to instil confidence with $30m capital boost

The owners of Australia's largest home builder Metricon are determined to dispel any doubts about the company's future, announcing a $30 million capital boost as a sign of their commitment amidst swirling rumours of the Melbourne-headquartered group's demise in an environment where many developers have hit the wall.

Last week Gold Coast-based homebuilder Pivotal Homes was placed into liquidation, following several restructurings in recent months for other builders including Sydney developer Next, Gold Coast-based Condev, and the Melbourne-headquartered parent company of Probuild.

Speculation mounted over the fate of Metricon, its 2,500 staff and 4,000 homes under construction Australia-wide following the death of founder and CEO Mario Biasin, but in the aftermath acting CEO Peter Langfelder claimed all contracts were profitable and payments were up-to-date.

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