Australia’s Prime Minister Anthony Albanese has recently concluded the sale of his investment property located at 29B Lewisham St, Dulwich Hill, fetching $1.75 million on November 29, 2024. This transaction arrived after the townhouse remained on the market for 79 days, eventually necessitating a price cut of $150,000 from his initial expectations.
Originally, Albanese and his agents had aimed for around $1.9 million during the scheduled auction for mid-October. The three-bedroom, two-bathroom home, purchased for $1,175,000 back in 2015, has unfortunately not appreciated as much as some might have hoped, especially considering Dulwich Hill's median home prices now hover around $2.28 million, significantly up from when he bought it.
Shad Hassen, the sales agent, noted the unfortunate timing of the listing, acknowledging the shifting market dynamics. If the property had been launched earlier, the outcome might have been different as the competitive market yielded only one serious interest prior to the withdrawal from auction, prompting the adjustment of the asking price to $1.85 million.
After dropping the price, Albanese found renewed interest, culminating in the recent sale, which, according to Hassen, prompted two young couples to engage in bidding for the property. Hassen remarked, "Buyers saw value and we ended up selling it for the full revised asking price of $1.75 million." Albabese’s timing faced backlash, as many other properties listed around the same time experienced similar struggles.
Despite the decrease from his initial expectations, insiders suggest the Prime Minister is overall satisfied with the result. Hassen stated, "I think he’s happy overall with the result," reflecting Albanese’s adaptability to the market conditions, which had shifted away from the prior peak.
The Prime Minister's realization of the need to simplify his assets pointed to personal life changes included his marriage plans set for 2025 with Jodie Haydon. Earlier this year, he purchased another home for $4.3 million at Copacabana, indicating a strategic shift toward consolidative real estate management and personal priorities.
Complicatively, the Dulwich Hill property attracted controversy during its listing due to the public outcry of its previous tenant, music venue owner Jim Flanagan, who opposed leaving. This added another layer of complexity to the sale, demonstrating the challenges often faced by landlords amid tenant disputes.
Given the broader backdrop of the Sydney housing market, the recent sale is as much about personal circumstance as it is about property appreciation trends. Sydney's housing market had seen declines leading up to this sale, prompting savvy investors to reassess their real estate portfolios. So, even with the significant drop from his original expectations, the successful sale signals Albanese’s responsive approach to both market pressures and his personal commitments.
The sale concluded during a week of legislative momentum for the Albanese government, which included passing 45 pieces of legislation, indicating administrative vigor even as personal matters required his attention.
