Anthony Albanese sells property for $1.75 million amid market downturn

In Australia, Prime Minister Anthony Albanese sold his Dulwich Hill investment townhouse for $1.75 million after a protracted sales process. Initially listed for $1.9 million, the sale price was reduced by $150,000 following months without a buyer, reflecting a cooling housing market in Sydney. The median asking price for homes in this area is now $2.28 million. Earlier in the year, Albanese purchased a new home in Copacabana for $4.3 million, indicating a shift in his personal real estate strategy as he prepares for marriage in 2025. The sale of the Dulwich Hill property was not without controversy; it had previously been rented by music venue owner Jim Flanagan, who publicly opposed moving out as he was informed the house was being prepared for sale. Mr. Albanese explained that he had taken care of his tenant for a long time and made the decision based on his desire to simplify his property interests in advance of his upcoming marriage. The rental conditions were influenced by the pandemic, with Mr. Flanagan’s previous rent being adjusted from $880 to $680 per week during COVID, contributing to his protests regarding the eviction. In contrast, another of Albanese’s properties, located in the Inner West, sold effortlessly prior to him becoming Prime Minister in 2021. That property sold for $2.35 million, exceeding the asking price of $2.1 million. It had appreciated in value since being purchased for $1,115,000 in 2012. Albanese’s family home in Marrickville was also transferred to his sole ownership after his separation from his first wife, Carmel Tebbutt, in 2019. Amid his busy parliamentary schedule, where he oversaw the passage of 45 pieces of legislation aimed at tackling the housing crisis, the Prime Minister's real estate transactions highlight the ongoing challenges in the Australian housing market as it continues to adjust to economic conditions. This recent event reflects broader trends in housing prices across Sydney, demonstrating the challenges faced by sellers in a fluctuating market while emphasizing Albanese's evolving personal and political landscape.