This article is from the Australian Property Journal archive
THE country has weighed in on Anthony Albanese purchase of a $4.3 million coastal home in Copacabana as the prime minister faces an election in six months’ time and Australia is amid a housing crisis.
Albanese has made another controversial property move with the reported purchase of a four-bedroom, three-bathroom clifftop residence on NSW’s Central Coast with his partner Jodie Haydon.
When the sale is complete, the price will be at a discount to the $4.65 million the current owners paid in 2021.
Albanese told 2GB’s Ben Fordham that contracts were exchanged in September, with settlement expected before the end of the month.
“Well, Jodie and I are getting married, as is known, and I’m pleased about that. And Jodie’s a Coastie. She’s a proud Coastie,” said Albanese.
“There are three generations of Haydons on the coast there. And when your relationship changes, your life changes, and you make decisions.”
The PM denied that the purchase indicated an upcoming retirement, with some speculating that he plans on renting the home out for $2,500 a month.
This comes just days after Albanese pulled the listing of his Sydney investment property, that was set to go under the hammer last Saturday with a price guide of $1.9 million.
29B Lewisham Street in Dulwich Hill is a three-bedroom, two-bathroom townhouse and has since been updated to a $1.85 million asking price, with the listing managed by Shad Hassen from The Agency.
This is the same property that the prime minister came under fire for evicting long-time tenant back in May.
Opposition leader Peter Dutton defended Albanese latest property market move, wishing him well and calling the multi-million-dollar purchase in Copacabana “a matter for the prime minister”.
Though he went on to say, “the homeowners in Australia that I’m worried about at the moment are people who can’t afford their mortgages.”
This comes as little surprise, with the former cop last reported as owning two Queensland investment properties.
This in addition to his three-bedroom apartment in Brisbane he purchased for $2.7 million from Toowoomba millionaire John Wagner.
Dutton also sold his Palm Beach property on the Gold Coast three years ago for an impressive $6 million.
Max Chandler-Mather, Greens MP and housing spokesperson, criticised the PM’s decision to buy the house as Australians struggle.
“Labor [and] the Liberals have created a housing system where a property investor can buy a $4.3m beachfront home, while millions can’t even find an affordable rental, let alone buy a house of their own,” said Chandler-Mather.
“Yet Labor still want to give property investors $176bn in tax handouts.”
Chander-Mather, who is not a landlord, has previously raised concerns about the 75% of Labor Party and 65% of the Coalition who are property investors.
However, Greens members are not exempt with almost 50% of federal MPs owning at least one investment property as of last May.
Speaking to the Sydney Morning Herald, several anonymous Labor MPs also spoke out about their leaders decision.
“I can’t think of a greater act of self-sabotage in my life. I am gobsmacked. If you’re a Labor MP up against a Green at the next election, good luck,” said one MP.
“Some people [within Labor] were aware and tried to stop it. My instinct is this is f—ing terrible.”
While one MP defended the decision as personal and two more wished the prime minister had have waited until after the election.
Meanwhile, Australians are increasingly struggling to enter the property market and are increasingly struggling to remain in the unaffordable private rental market.
With housing demand at record highs and supply at a decade-low, while Australia’s dwelling approvals and commencements are both 20% lower than the long run average and showing “little sign of turning around anytime soon”.
In August, a report from Mission Australia found nearly one in 10 young people aged 15 to 19, of the 20,000 surveyed, faced the homelessness in the last 12 months and faced greater mental health challenges compared to those with a stable home.
PropTrack’s Housing Affordability Report last month revealed housing affordability deteriorated over the past year, and that a median-income household earning around $112,000 could afford just 14% of homes sold in the 2024 financial year – the smallest share of homes since records began in 1995.
