Prime Minister Anthony Albanese snaps up $4.3m Copacabana home

Prime Minister Anthony Albanese has settled on his clifftop mansion a month after dropping $4.3 million on the plush wedding pad with partner Jodie Haydon.

David Campbell

4 min read

November 4, 2024 - 8:20AM

Prime Minister Anthony Albanese and his partner Jodie Haydon are planning a move to NSW’s Central Coast. Picture: NCA NewsWire/ Martin Ollman

Prime Minister Anthony Albanese has settled on his $4.3 million clifftop mansion a month after making headlines with the extravagant purchase on NSW’s Central Coast.

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

The decision to purchase the home in both names could have tax implications for the PM depending on how the mortgage is structured and whether the property will be rented out until Mr Albanese and Ms Haydon are ready to use it as their home.

Independent analysis at the time of the purchase showed Mr Albanese could get up to $87,000 a year in negative gearing concessions. How Ms Haydon's inclusion in the mortgage impacts those concessions is unknown.

2GB’s Ben Fordham revealed the sale in October and claimed the PM exchanged contracts in September.

“Enjoying one of the most commanding positions on the clifftop of Copacabana yet within easy walk of the beach, this large architecturally designed home has uninterrupted ocean and Sydney skyline views from all levels,” the listing reads on realestate.com.au.

“A premiere location to enjoy sun, whale watching or spectacular sunsets year-round.”

Prime Minister Anthony Albanese has bought a new house.

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.

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.

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The coastal life.

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“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.”

News of the purchase followed Mr Albanese pulling his investment property in Sydney from auction.

The three-bedroom, two-bathroom townhouse at 29B Lewisham St, Dulwich Hill, bought for $1,175,000 in 2015 was due to go under the hammer in October with a $1.9m guide. But the first sign that all was not going to plan came the Wednesday before the auction when a call to the sales agent, Shad Hassen of The Agency Inner West, revealed he was dealing with just one serious buyer who was “being a bit cute with the price”.

That buyer came back for another look on Thursday, but with “no firm commitment” by 11.30am on Friday, Hassen and Mr Albanese decided the best option was to pull the property from auction and put an asking price of $1.85m on it.

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The home boasts fantastic ocean views.

“They’re still interested and we’re still negotiating with the young couple, but there’s been no firm commitment yet,” Hassen said.

“Albo and I have decided that it’s best not to waste time, it’s definitely worth the money and we’ll be having people come take a look at it over the weekend if we put an asking price on it.”

The PM was no doubt happy to avoid the media circus of a public auction, with the listing of his property igniting discussion of the tax benefits he’s received.

The Dulwich Hill investment remains on the market one month after the scheduled auction.

The fact that the PM is having trouble offloading the property, despite its “sensational attention to detail” and “eye-catching finishes”, comes as no surprise in the increasingly difficult spring market.

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It’s set to be a new home for Albo and his future wife Jodie Haydon.

Albanese is selling the property because he wants to simplify his financial affairs ahead of his married life with his fiance, Jodie Haydon.

But his serving of an eviction notice on his longtime tenant, Jim Flanagan amid the ongoing cost of living crisis and housing crisis, caused a stir.

Mr Flanagan, 45, has lived in Anthony Albanese’ inner west rental home for the past four years.

Mr Flanagan said the eviction “hit him like a steam train”.

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A bargain buy in Erskineville... but there's a catch

But Mr Albanese said he had been “more than fair” to the tenant with below market rent during Covid and ever since, and added that Mr Flanagan had not been co-operative with the property manager.

Mr Flanagan denied that claim, saying: “He has every right to seek to sell his assets.

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Albo’s tenant Jim Flanagan was less than impressed with getting evicted.. Picture: Jonathan Ng

“But it just doesn’t sit well when, on one hand he’s trying to be sympathetic with the majority of Australians who are, like me, finding the current climate extremely challenging.”

The Prime Minister dropped Mr Flanagan’s rent to $680 during Covid, and had not raised it since.

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