Prime Minister Anthony Albanese has pulled his investment property in Sydney’s inner west from Saturday’s scheduled auction and put an asking price of $1.85m on it.
The three-bedroom, two-bathroom townhouse at 29B Lewisham St, Dulwich Hill, bought for $1,175,000 in 2015 was due to go under the hammer at 11am on Saturday with a $1.9m guide.
But the first sign that all was not going to plan was on Wednesday when a call to the sales agent, Shad Hassen of The Agency Inner West, revealed he was dealing with just one serious buyer who was “being a bit cute with the price”.
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PM Anthony Albanese. Picture: AFP
The PM purchased the property for $1,175,000 in 2015.
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That buyer came back for another look on Thursday, but with “no firm commitment” by 11.30am on Friday, Hassen and Albo decided the best option was to pull the property from auction and put an asking price on it.
“They’re still interested and we’re still negotiating with the young couple, but there’s been no firm commitment yet,” Hassen said.
“Albo and I have decided that it’s best not to waste time, it’s definitely worth the money and we’ll be having people come take a look at it over the weekend if we put an asking price on it.”
The PM will no doubt be happy to avoid the media circus of a public auction, with the listing of his property igniting discussion of the tax benefits he’s received.
The home has “eye-catching finishes”.
“Sensational attention to detail”.
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The fact that the PM is having trouble offloading the property, despite its “sensational attention to detail” and “eye-catching finishes”, comes as no surprise in the increasingly difficult spring market.
There are more than 1000 homes scheduled to go under the hammer in Sydney this weekend and clearance rates have been less than spectacular.
Albanese is selling the property because he wants to simplify his financial affairs ahead of his married life with his fiance, Jodie Haydon.
But his serving of an eviction notice on his longtime tenant, Jim Flanagan amid the ongoing cost of living crisis and housing crisis, caused a stir.
Jim Flanagan outside the rental property in May. Picture: Jonathan Ng
Jim Flanagan, 45, has lived in Anthony Albanese’ inner west rental home for the past four years.
Flanagan said the eviction “hit him like a steam train”.
But Mr Albanese said he had been “more than fair” to the tenant with below market rent during Covid and ever since, and added that Mr Flanagan had not been co-operative with the property manager.
Mr Flanagan denied that claim, saying: “He has every right to seek to sell his assets … but it just doesn’t sit well when, on one hand he’s trying to be sympathetic with the majority of Australians who are, like me, finding the current climate extremely challenging.”
The Prime Minister dropped Mr Flanagan’s rent to $680 during Covid, and had not raised it since.
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