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Albanese sells investment property for $1.75m
On Friday night, Australian Prime Minister Anthony Albanese sold his Dulwich Hill investment property for $1,750,000, receiving a profit of $575,000.
Following a massive week in Parliament, during which 45 bills were passed, including a new first home buyer scheme and build-to-rent regulations, Albanese ended the night on a high by selling his investment property for $1.75 million.
Initially meant to go through auction at $1.9 million, the Prime Minister reviewed his strategy, calling out the auction and reducing the property to $1.85 million before dropping it again by another $150,000.
It took Albanese 79 days to sell his three-bedroom, two-bath townhouse, which was finally sold on Friday evening.
In total, Albanese cashed out a profit of $575,000, which doesn’t include property taxes nor mortgage costs, as he bought the semi-detached home back in 2015 for $1.175 million.
Despite making a profit, the townhouse fell below the area’s median prices, which over the last year were about $2,290,000 for houses and $930,000 for units.
Earlier this year, the townhouse made the headlines when the Prime Minister was accused of “evicting his long-term tenant of four years.
The occupant, Jim Flanagan, 45, told Sunrise he could soon face homelessness because of the eviction and was hoping for an opportunity to discuss a rent increase to stay longer in the house – he had been given a 90-day notice to vacate the house.
Albanese justified the move to sell his investment property due to “changing arrangements” as he purchased a new property with his fiance, Jodie Haydon.
In October, the couple snatched a $4.3 million clifftop mansion on Copacabana Beach on the Central Coast, with Commonwealth Bank holding the mortgage.
This four-bedroom, three-bathroom home boasts timber-lined cathedral ceilings, spacious open-plan living and dining areas, and a large downstairs guest room or children’s playroom.
Currently, the Prime Minister’s portfolio is said to be worth around $7 million, including the Copacabana clifftop house and a house he bought in Marrickville below $1 million in 2022, which has now more than doubled its worth.
Albanese bought his first home in 1990, at age 26 – a $146,000 semi in Marrickville, which he sold later for a small profit.
The Prime Minister had also sold his Canberra apartment in 2022 for $660,000 after he purchased the pad for $162,000 in 1996.
