Sources said those conversations were expected to resume after Biasin’s memorial next Thursday, giving Metricon directors and shareholders — including the Biasin family — time to consider the best course. There has also been speculation that a foreign builder or private investor might be interested in taking a stake in Metricon.
The company is also expected to find support from the NSW government, with NSW Premier Dominic Perrottet confirming he would consider a bailout if the company seeks the support.
“These discussions are ongoing. We have not had budget discussions regarding Metricon. Fair Trading is working closely with the Commissioner to address these issues. Understand what challenges we could potentially help with. So we work through that.
Metricon recorded more than 6,000 housing starts last year. The bulk of his work is in Victoria, while he has around 300-500 lots currently under construction in NSW.
Perrottet said Fair Trading NSW and the state building commission were working together to determine the extent of the challenge facing the homebuilder.
“There is no doubt that the construction industry has been doing things incredibly hard in recent months, especially with the weather we have had in Sydney and the New South Wales region.
“So we have engaged very closely with the construction sector, especially the smaller construction companies where I think some of these challenges are more pressing. [for]. And we’ll work on those issues, but I don’t want to pre-empt that because we’re trying to get to a better appreciation of the magnitude of the challenge that Metricon and others are facing right now.
A spokesperson for the Victorian government said it understands the impact supply issues and cost increases are having on builders and those builders’ residential customers and will continue to work with the industry to meet these challenges.
Metricon’s main backer, Commonwealth Bank, repeatedly declined to comment citing customer confidentiality.
With Jackson Graham.
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