Australian Prime Minister Anthony Albanese is no stranger to the ups and downs of the property market.
Just last month, he sold his $1.75 million Dulwich Hill investment townhouse after reducing his expectations from $1.9 million.
Now, he’s facing a new challenge with his Copacabana property, which he purchased with his fiancée Jodie Haydon for $4.3 million.
A CliffTOP Conundrum: The Struggle to Rent Out the Dream Home
Despite its stunning features, including four bedrooms, three bathrooms, and a clifftop location, the Copacabana home is proving difficult to rent out. Initially listed with a rental price of $1,900 a week, the couple has been forced to reduce their expectations to $1,500 a week. This reduction is a telling sign of the current state of the Central Coast rental market, which is experiencing a decline in asking prices.
A Market in Flux: What’s Behind the Rental Price Drop?
According to PropTrack, the median house rental in Copacabana is currently $720 per week, down from $800 a week plus in 2022. This represents a 2.3 per cent gross annual rental yield. With the inner west selling market and Central Coast rental market heading south, it’s no surprise that the Prime Minister’s $4.3 million purchase price came $250,000 less than its sale price three years prior.
A First Choice that Wasn’t Meant to Be
Interestingly, the Copacabana home wasn’t Albanese’s first choice on the Central Coast. 2GB breakfast broadcaster Ben Fordham revealed that the Prime Minister went head-to-head at auction over a Kincumber acreage that sold for $2.98 million in April 2023. Fordham also shared that the Prime Minister’s team had visited “every nearby neighbour” pre-auction, courtesy of the Federal Police.
A Dream Home for the Future
Despite the current rental struggles, Albanese plans to live in the Copacabana home eventually. For now, he’s focusing on finding a tenant to help offset the mortgage, held by the Commonwealth Bank. With its stunning timber-lined cathedral ceilings, open-plan living and dining spaces, and large downstairs guest room or children’s play area, it’s easy to see why the Prime Minister is drawn to this beautiful property.
A New Chapter in Life
When asked about the purchase, Albanese told Fordham, “I’m about to get married to Jodie and start a new chapter of our lives. Jodie’s a ‘coastie’ and spending time with her up there is awesome. It will be nice to be closer to her parents and her family one day.” It’s clear that the Prime Minister is looking forward to making memories with his fiancée in their new home. Only time will tell how his property market fortunes will fare.