Landlord Albo flogs $1.9 million investment property

Prime Minister Anthony Albanese has finally booted his tenant and put his $1.9 million Sydney home up for sale.

Landlord Anthony Albanese has finally booted his tenant and listed his Dulwich Hill rental with hopes of $1.9 million.

After growing up in public housing, the Prime Minister has been renting out two Sydney homes, including a mortgage-free federation bungalow with a pool, while he lives rent-free at the Lodge.

Mr Albanese previously revealed the reason for kicking out his Dulwich Hill tenant as all about his “changing circumstances” and his wedding to partner Jodi Haydon.

The home is hoped to sell for at least $1.9 million. Picture: Supplied

Mr Flanagan fought to stay in the lavish home. Picture: Supplied

“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. The property was bought when my personal circumstances were different,” he said.

His tenant Jim Flanagan, 45, had received a cut price deal that was “half” the going rate for the property.

But he begged not to be kicked out in May, 2024, when discussing his plight with the media.

Anthony Albanese has evicted his tenant, Jim Flanagan. Picture: Jonathan Ng

Speaking on Melbourne radio, Mr Flanagan said he had “never refuted or disputed that, that the PM, as his landlord, didn’t have the right to do what he’s doing.”

“He is absolutely entitled to issue a termination notice 100 per cent. I have nothing against Albo personally. Or property owners,” he said.

“But I guess there’s just … when you’re a renter, there is a power disconnect between landlords and renters.

“Ideally, I guess we’re just looking for a little bit more of a considerate approach when it comes to evictions, terminations issues, notices to vacate.

“And I guess I was just a little surprised that I wasn’t afforded that.”

The Prime Minister amassed a property portfolio worth around $5 million before he offloaded several properties to take his holdings down to around $4 million in recent years.

Mr Albanese’s climb up the property ladder began in 1990 when he bought his first home in Marrickville for $146,000.

He also owns the Federation bungalow in Sydney’s Marrickville worth up to $2.5 million, which he bought for $997,500 in 2006.

He purchased the investment rental property in Dulwich Hill for $1.175 million in 2015.

If it secures the projected sale price, he will bank a $700,000 plus profit in under a decade.

The house is located in Dulwich Hill in Sydney’s Inner West. Picture: NewsWire / Max Mason-Hubers

Mr Albanese, who scored a huge pay bump after the election, now earns $564,356 a year.

He also earns $70,000 a year in rental income for one property and $45,000 for another.

That means Mr Albanese has a combined annual income of $679,356 before he pays tax on his income and two investment properties.

Mr Albanese quietly rented out his family home with a backyard swimming pool in Marrickville for $1350 a week after the election, delivering a handy income stream of $70,000 a year.

According to the parliamentary register of interests, the house does not have a mortgage, and Mr Albanese owns it outright.

The tenant is being kicked out. Picture: Supplied

The family home that is now being rented out is estimated to be worth over $2 million.

In recent years, Mr Albanese also made a tidy $500,000 profit after offloading his two-bedroom Canberra ‘bachelor pad’ (bedroom above). He bought the property 23 years ago for $162,000

Before his divorce, Mr Albanese also owned a fourth property in Marrickville, which he sold for $2.25 million in July 2021.

Chrissy Flanagan is the ex-partner of the Prime Minister’s tenant. Picture: Supplied

He lives rent-free at the Prime Minister’s official residence, The Lodge in Canberra, where he has access to personal staff to clean and cook. He can also sleep at Kirribilli House when he is in Sydney.

During a debate with Scott Morrison at the federal election, Mr Albanese backed the use of negative gearing to help property investors.

It followed Bill Shorten’s plan to tighten tax breaks to improve housing affordability. Mr Albanese promptly dumped the proposal when he took over the leadership in 2019.

The Dulwich Hill residence is up for sale. Picture: Supplied

“Negative gearing is a good thing. We had a policy that we took to the election where we were not successful,’’ he said.

Former Prime Minister Scott Morrison has previously had a dig at Mr Albanese’s property wealth in parliament.

“The leader of the Opposition has bought plenty of homes,’’ he said.

“He’s bought plenty more than I have. Good for him. Good luck to him. We celebrate success.”