Anthony Albanese’s Copacabana rental price slashed

Prime Minister Anthony Albanese’s roller coaster ride on the property market continues.

Prime Minister Anthony Albanese’s roller coaster ride on the property market continues.

Having sold his $1.75 million Dulwich Hill investment townhouse last month after reducing his expectations from $1.9 million, Albanese and his fiancée Jodie Haydon this week turned their attention back to their Copacabana acquisition.

The first couple appear to have been caught in a Central Coast longstay rental market asking price decline. They had initially listed the clifftop home with $1,900 a week rental hopes following its November settlement, but that’s been reduced to $1,500 a week.

Marketed as “move in now,” the four-bedroom home has “pets considered on application.” While it suggests any tenant “will enjoy magnificent sunrises all year round,” the listing gives no advisory on the available tenure.

MORE: Fresh twist in Albo’s investment home saga

Prime Minister Anthony Albanese and fiance Jodie Haydon are struggling to rent out their new property. Picture: NewsWire/ Martin Ollman

PropTrack calculate Copacabana’s median house rental as $720 per week, down from its $800 a week plus in 2022, to reflect a 2.3 per cent gross annual rental yield.

At $1900 the clifftop yield reflected 2.3 per cent, but at $1500 it is 1.82 per cent.

With the inner west selling market and Central Coast rental market heading down, of course their $4.3 million Copacabana purchase price came $250,000 less than it sale three years prior.

Interesting it was not the PM’s first choice on the Central Coast, with 2GB breakfast broadcaster Ben Fordham advising Albanese went head to head at auction over a Kincumber acreage that sold for $2.98 million in April 2023.

MORE:Inside the private homes of Aussie prime ministers

The Copacabana home was bought for $4.3 million.

The handyman buyer told Fordham “every nearby neighbour” had been visited pre-auction by the Federal Police.

It was Fordham, who often rents on the Central Coast over summer, who broke the news about the purchase.

Mr Albanese and Ms Haydon are listed as joint owners of the Copacabana property, with Commonwealth Bank holding the mortgage.

The four-bedroom, three-bathroom home was sold for $1.7 million in 2017 before being picked up by the current owners – health food professionals Stewart and Leanne Smith – in 2021 for $4.65 million.

Mr Albanese plans to live in the home eventually but, for now, is trying to find a tenant.

The property had been on the market for almost a full year, with Mr Albanese picking it up for more than $300,000 cheaper than what the current owners paid three years ago.

The Copacabana pad also features timber lined cathedral ceilings, open-plan living and dining spaces, a large downstairs guest room or children’s play area with bathroom, an additional north-facing entertaining deck bathed in sunlight, a huge double garage with internal access, and a turning bay.

“I’m about to get married to Jodie and start a new chapter of our lives,” Mr Albanese told Fordham at the time of purchase.

“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.”

Originally published as Anthony Albanese’s Copacabana rental price slashed