The PM’s Property Portfolio 

Prime Minister Anthony Albanese bought his first property in 1990 at age 27. A two bedroom single story home in Marrickville for $146,000.

In those days, Marrickville was so rough you wouldn’t stop there for fuel.

But ‘Albo’ stayed the course and continued buying up in his local area.

Amongst other purchases, he bought a run-down property in Marrickville for $960k in 2006 with his then wife, Carmel Tebbutt.

Thanks to a few renos and booming house prices, it’s now worth around $2.6m (mortgage free). He currently rents it out at $1,350 pw.

And then in 2012, he bought another unloved investment property in Marrickville for $1.115m. Again, with his then wife, Carmel Tebbutt.

He sold it for a cool $2.35m in 2021…$1.235m higher than the couple paid for it.

There have been other acquisitions including Dulwich Hill and Canberra and up until this week, no one looked sideways at his property portfolio now reportedly worth $8.8m, mostly unencumbered.

And then word broke about his infamous $4.3m waterfront mansion at Copacabana.

Incredibly, he’s been criticized from pillar to post not just by the media, but mostly from members of his own party.

They’re worried about the ‘optics’ leading up to next years election.

It’s a shame those same MP’s don’t have the same concern for cost of living pressures and housing prices!

Instead, they’re worried the Prime Minister is out of touch with the electorate.

I disagree.

If the knife throwers in the media and his own party weren’t so consumed with self-interest, they’d realise there’s one hell of a good story in front of them..

Anthony Albanese was raised by his single mother in public housing, Camperdown.

After his HSC, he walked across Parramatta Rd to the University of Sydney and completed an Economics degree.

Upon graduation he entered the public service with ambitions of a political life.

And despite some of the perks that come from working in the public service, he hasn’t wasted or taken them for granted, possibly because of his upbringing.

By the way, if you think politicians earn a motza, just divide their salary by the number of hours spent away from home.

I’d rather lick windows for a living than be a politician.

The Prime Minister has done what every other Australian has done to get ahead.

He’s been willing to work hard, save, invest and take some risks.

He’s also taken advantage of the same tax laws available to everyone else – namely, negative gearing and the capital gains tax concessions.

And by the sounds of it, he’s also been a very generous landlord.

Whilst rents have rocketed the past few years, he hasn’t raised the rent once on his Dulwich Hill investment property.

The PM’s property portfolio has been much maligned, mostly by others with their own family trusts containing three or four properties themselves.

But now they’re worried what someone else’s business means for them!

It’s disappointing because I think the journey from Camperdown to Copacabana via Marrickville is a hell of a good story.

It should be celebrated, not shamed.

Have a great weekend!

Adam

Back paddock – some of our greatest pains become our greatest strengths, Denzel Washington.