Twist for Prime Minister Anthony Albanese rental home sale
Prime Minister Anthony Albanese could face a stumbling block when selling his investment property at auction.
Prime Minister Anthony Albanese will be taking an investment property in Sydney’s Dulwich Hill to auction this weekend amid a falling market and thinning buyer competition, new figures show.
PropTrack data provided exclusively to The Daily Telegraph showed house values in the suburb have dropped by nearly $100,000 in the last three months.
It’s come amid reports that would-be buyers are becoming a lot more hesitant with their purchasing decisions ahead of an expected rate cut late this year or early next.
Mr Albanese’s investment property, which he bought in 2015 for about $1.17m, will go under the hammer on Saturday with a price guide of $1.9m.
There will be stiff vendor competition on the day, with over 1000 properties scheduled to go under the hammer this week – a 30 per cent rise on the same week last year.
MORE: John Laws’ savvy $12m act before retiring
Overall listings are also up markedly after Sydney recorded its busiest September for new listings in nine years. There are now about 17 per cent more homes available for buyers than at this time last year.
Experts said the increase was enough to shift Sydney to a “buyer’s market”.
Vendors are taking notice, with sales results showing more than half the sellers who had an auction scheduled last weekend accepted a pre-auction offer – often an indicator of softer demand.
Prices in Dulwich Hill have recorded some of the biggest drops across Sydney, with house values falling an average of 4.3 per cent over the three months to October, according to PropTrack.
The drop pushed the median price of a house in the suburb down from $2,175,000 at the start of July to $2,082,000 currently. Prices in neighbouring Marrickville have dropped $54,000 over the same period.
MORE: Huge warning to Aussies over major banks move
This does not suggest Mr Albanese will necessarily struggle to sell his investment as competition for individual properties does vary and some sales can over or underperform the rest of the market.
Mr Albanese bought the three-bedroom house he is now selling in 2015. He announced in spring that he decided to offload the property due to his personal situation changing.
The two-level house made headlines earlier this year when the Prime Minister served an eviction notice to the tenant of four years.
MORE: Suburbs set for explosive price rises after rate cut
MORE: How much money average Aussie actually has
The 153sqm property has been listed with Shad Hassen of The Agency. The listing describes it as a “superb family residence” with “eye catching finishes”.
Commenting on the market generally, PropTrack economist Anne Flaherty said affordability barriers were pushing more buyers out of pricier inner markets and into cheaper middle- and outer-ring areas.
Inner west agent Adrian Tsavalas, the director of Adrian William, said results for Dulwich Hill house sales varied.
MORE: Home trick nets dad extra $426k a year
“It depends a lot on the property,” he said. “Homes that are presented well and priced right are still drawing good attention … turnkey homes can still be very popular.
“But given cost of living pressures, the market has become a lot more price sensitive.”
Originally published as Twist for Prime Minister Anthony Albanese rental home sale