Huge $500,000 move that will have Anthony Albanese laughing all the way to the bank this weekend
Prime Minister Anthony Albanese is set to pocket around half-a-million dollars profit when he sells his Sydney investment property on Saturday.
Prime Minister Anthony Albanese is set to pocket around half-a-million dollars profit when he sells his Sydney investment property on Saturday.
The three-bedroom townhouse in the inner-west suburb of Dulwich Hill is set to fetch around $1.9 million having climbed from $1.175 million when Mr Albanese bought it in 2015, which is more than a 60 per cent increase.
This would see Mr Albanese make make a capital gain of about $618,000 (if he borrowed the whole mortgage) and pay a capital-gains tax of about $145,000 with the discounted 50 per cent rate.
MCG Quantity Surveyors director Mike Mortlock told The Herald Sun the capital gains discount would reduce the tax amount from $329,000 to $164,500.
He also estimated Mr Albanese would have negatively geared the property for between $18,143 and $24,782 a year while collecting around $680 a week in rent.
Real estate expert James Fitzgerald speculated the PM was probably getting 45 cents on the dollar back, its [property] probably getting about $18,000 back, so costing him $22,000 even with the negative gearing benefit.
Which might be why hes selling because its costing him a lot of money to hold it, he said.
Mr Albaneses salary is $564,356, which puts him in the top tax bracket of 45 cents in the dollar.
Prime Minister Anthony Albanese (pictured right with partner Jodie Haydon) sets to make a cool $500,000 profit from selling a Sydney investment property
The two-level three-bedroom townhouse in the inner-west Sydney suburb of Dulwich Hill is set to fetch around $1.9million at auction on Saturday
The listing for the house on realestate.com boasts the two-level property has contemporary style and high-quality design.
This fantastic home is impeccably crafted for modern family living that offers three bedrooms plus a study, the listing reads.
It exhibits sensational attention to detail, with eye-catching finishes that feature throughout a full-brick build, with a flowing layout optimising natural light, space and privacy.
A sleek kitchen comes equipped with gas cooking, 60mm stone benchtops, polyurethane cabinets and a dishwasher, the listing says.
The propertys long-term tenant Jim Flanagan made headlines earlier this year as he begged the Prime Minister not to boot him out during the nations housing crisis.
It just doesnt sit well when (Mr Albanese) is trying to be sympathetic with the majority of Australians who are, like me, finding the current climate extremely challenging, Mr Flanagan said.
However, the struggling bar owner was given his marching orders in May with a 90-day eviction notice.
The listing for the property boasts that it has a flowing layout optimising natural light, space and privacy
The two storey townhouse has three bedrooms (one pictured) plus a study and two balconies
The sleek kitchen is equipped with gas cooking, 60mm stone benchtops, polyurethane cabinets and a dishwasher
After it was leaked that Treasury was looking at making changes to negative gearing, a senior Opposition spokesman accused the PM of making a tonne on his rental properties and pulling up the ladder behind him.
Pretty curious isn’t it, now Anthony Albanese is finished making a ton on his rental properties he is selling up and getting Treasury to look at pulling up the ladder behind him, he told Daily Mail Australia in September.
Last month, Mr Albanese fronted a number of awkward interviews where he was forced to deny that this government planned to break its promise of not touching negative gearing or capital gains tax.
Mr Albanese previously said the decision to sell the Dulwich Hill home was due to changing circumstances and his upcoming wedding to Jodie Haydon.
Long-term tenant Jim Flanagan, 45, (pictured) begged Mr Albanese not to sell the home but was given 90 days to vacate in May
I am entitled to make decisions in my personal life including selling a property that I own because I wish to move on in my personal life in a different direction, Mr Albanese said.
The property was bought when my personal circumstances were different.
He was still married to former NSW deputy premier Carmel Tebbutt when he bought the home in 2015.
If Saturdays auction goes as planned, it will not be the first time the Prime Minister has made a tidy sum from real estate.
In 2022, after securing the prime ministership along with its two official tax-payer funded residences in Canberra and Sydney, Mr Albanese offloaded his Canberra apartment for $660,000.
The apartment on Macquarie Street in Barton, just a 15-minute stroll to Parliament House, sold at auction on August 20 after 24 days on the market.
The prime minister bought the flat for $162,000 in December 1996, the same year he was first elected to the seat of Graylander in Sydneys inner-west.
Mr Albanese still owns a residential house in the inner-west Sydney suburb of Marrickville, where his electoral office is also located.
