Prime Minister’s cliff-side home now valued $350k below purchase price

A housing downturn that’s ripping through NSW’s Central Coast has a new casualty: Prime Minister Anthony Albanese. The cliff-side home Albanese purchased with then fiancé Jodie Haydon in 2024 has been valued at $3.95m, a circa $350,000 drop on the price paid by the couple two years ago. The Prime Minister’s property has become a case study in a market shift that experts say has been partly driven by policies announced in the May federal budget – namely negative gearing restrictions and capital gains tax changes. The reforms have coincided with aggressive interest rate hikes and slowing global economic activity since the outbreak of the Iran War, which have combined to push down Aussie home values. MORE: Former Prime Minister’s home “worth $150m” Mr Albanese bought the home in 2024 for $4.3m. MORE: Investors warned they could be overtaxed Records show Mr Albanese paid $4.3m for the house in Copacabana and an automated valuation by Cotality has returned the current value at an estimated $3.95m – based on recent, comparable sales in the area. NSW’s Central Coast has had one of the biggest average price adjustments among regions across the Greater Sydney area since Albanese government ...