Anthony Albanese’s $4.3 million bargain as he buys new home on NSW Central Coast

Anthony Albanese has insisted he still knows what it’s like to live on struggle street despite plonking down $4.3 million for a clifftop mansion on the NSW Central Coast.

But the Prime Minister has insisted he’s not planning for retirement, amid speculation he plans to rent out the property for $2500 a week.

A savvy property investor, Mr Albanese bought the luxury home for less than it sold for in 2021. He still owns a home in Marrickville, and is planning to offload an investment rental in Sydney.

The Prime Minister has bought the property with his bride-to-be, Jodi Haydon, who has family who live in the area.

While conceding he is “much better off”, Mr Albanese told reporters today that he knows “what it’s like to struggle”.

“I have, of course, I am much better off, as a Prime Minister, I earn a good income,” Mr Albanese said.

“I understand that. I understand that I’ve been fortunate.

“But I also know what it’s like to struggle. My mum lived in the public housing that she was born in for all of her 65 years. And I know what it’s like, which is why I want to help all Australians into a home, whether it be public homes, or private rentals, or home ownership.”

Mr Albanese insisted he was not planning for retirement any time soon and wanted to stay “in my current job for a very long period of time”.

The Copacabana property features timber lined cathedral ceilings, a centralised entertaining area, an open plan living and dining space and an additional north facing entertaining area.

Taking advantage of falling property prices as a result of rising interest rates, Mr Albanese snapped up the architecturally designed house with uninterrupted ocean and Sydney skyline views in a private sale last month.

The four bedroom house on nearly 800 sqm last sold in November of 2021 for $4.65m, which means the current owners sold at a loss.

Landlord Anthony Albanese is also set to have the last laugh when he sells his Dulwich Hill rental, because he’s likely to score a $1 million profit after buying the home just under a decade ago.

The Prime Minister’s former tenant Jim Flanagan, 45, previously accused the Labor leader of talking the talk but not walking the walk on the housing crisis by evicting him from the rental.

Mr Albanese said the decision was triggered in part by his wedding to Jodie Haydon.

He purchased the investment rental property for $1.175 million in 2015. It’s now estimated to be worth between $1,960,000 and $2,217,00 million, according to CoreLogic.

That means Mr Albanese is set to cash in with a $2 million sale.

According to new financial records lodged with parliament, Mr Albanese owns a $2.5 million Marrickville house and previously owned a $600,000 Canberra apartment mortgage-free.

When you include his two taxpayer funded homes – the Lodge in Canberra, where he is based, and Kirribilli House in Sydney – he now has access to five residential homes.

Mr Albanese also scored a huge pay bump after the election and now earns over $550,000 – before allowances.