Current track




Anthony Albanese set to earn $1m on Dulwich Hill property he purchased under a decade ago

Written by on May 16, 2024

Landlord Anthony Albanese is set to have the 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 tenant Jim Flanagan, 45, 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.

“I’ve had changes in my personal life so I’ve decided to sell the property,” Mr Albanese said.

Speaking on Melbourne radio, Mr Flanagan said he had “never refuted or disputed that, that the PM, as his landlord, didn’t have the right to do what he’s doing.”

“He is absolutely entitled to issue a termination notice 100 per cent. I have nothing against Albo personally. Or property owners,” he said.

“But when you’re a renter, there is a power disconnect between landlords and renters.

“Ideally, I guess we’re just looking for a little bit more of a considerate approach when it comes to evictions, terminations issues, notices to vacate.

“And I guess I was just a little surprised that I wasn’t afforded that.”

The tenant said that the way the eviction was handled “seems a little bit misaligned” with the messaging Labor has been putting out about the rental and cost of living crisis.

Mr Albanese 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 if he can evict Mr Flanagan from the property.

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 in Sydney – he now has access to four residential homes.

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

Mr Albanese’s climb up the property ladder began in 1990 when he bought first home in Marrickville for $146,000.

“My story began here in a council house in Camperdown,” Mr Albanese has said. “Just me and my mum.”

Former Prime Minister Scott Morrison has previously had a dig at Mr Albanese’s property wealth in Parliament.

“The leader of the Opposition has bought plenty of homes,‘’ he said. ”He’s bought plenty more than I have. Good for him. Good luck to him. We celebrate success.“

The disclosure paperwork surrounding the Prime Minister’s financial affairs, reveals that the only property that he has a mortgage for is an investment property in Dulwich Hill with the Commonwealth Bank.

PM banks $500,000 profit on Canberra pad

Anthony Albanese previously made a tidy $500,000 profit on the sale of his Canberra apartment as he prepares for life in the Lodge and encourages baby boomers to divest of assets to help first home buyers get into the market.

Putting his money where his mouth is, the Prime Minister sold the property with the same real estate agent he purchased the property for 23 years ago for $162,000.

The property was sold at an auction with three registered bidders for $662,500 on August 20, 2022.

“I’ve sold my Canberra property. I have a home in Sydney that I am in the process of moving things out of, I haven’t made a decision about that yet, and I have a rental property in Sydney,‘’ he said.

“It was sold at auction a couple of weeks ago.”

Albanese travel allowance claims in Canberra

Labor leader Anthony Albanese previously claimed $17,169 in travel allowance from taxpayers to stay at his mortgage-free Canberra apartment for 59 nights during Sydney’s marathon lockdown while staging “guerilla” campaign missions into Queensland and Tasmania.

Mr Albanese claimed a travel allowance for 74 nights in Canberra, Queensland and Tasmania, while Parliament was only sitting for 19 days during the same period.

By basing himself in the nation’s capital during the lockdowns in NSW and Victoria, Mr Albanese was able to campaign in Queensland while the Prime Minister remained largely locked down in Sydney and unable to travel.

During that period, he claimed more than $21,020 in travel allowance, including $17,169 in Canberra, which he used as a staging post to run missions into Queensland and Tasmania despite border controls requiring Sydneysiders to quarantine.

Mr Albanese’s register of interest declaring his assets to Parliament confirms Mr Albanese owns three homes – his Marickville residence, a Dulwich Hill investment property and his Canberra apartment.

His declaration confirms there is no mortgage on the Canberra property. He does hold a mortgage for Dulwich Hill investment property.

MPs can choose to stay in a hotel or use the generous $291-a-night travel allowance payment to pay off their mortgages, bump up their salary and spend as they see fit.

More Coverage

It’s a long standing tradition of veteran MPs to claim travel allowance to stay in apartments they own in Canberra, and is completely legal under the current rules.

Mr Albanese’s Canberra sojourn also included some periods of quarantine as was required for NSW MPs travelling to Canberra.

But while he stayed in hotels interstate he was living in a Canberra apartment he owned while claiming $291 a night in travel allowance.

Read related topics:Anthony Albanese