Anthony Albanese ‘bagged a property bargain’ with $4.3m cliff top mansion purchase, says John McGrath

The boss of the real estate agency which sold the PM’s new $4.3m clifftop mansion says he nabbed a bargain price compared with what he would have paid for a similar property in Sydney’s trophy markets.

Anthony Albanese is spending a $4.3m home on a clifftop home on the NSW Central Coast.

The real estate agency who sold Anthony Albanese’s new cliff top mansion says the Prime Minister has bagged a bargain on the NSW Central Coast compared with what he would pay for a similar property in Sydney’s trophy markets.

McGrath Real Estate founder and chief executive John McGrath, speaking exclusively to The Australian, said a lot of professionals are moving to the NSW Central Coast, because you can buy a cliff top mansion for $4.3m.

“A similar property in Sydney would cost you $21m,” said Mr McGrath commenting on Mr Albanese’s purchase in Copacabana.

Anthony Albanese is spending $4.3m on this clifftop home on NSW’s Central Coast.

“It’s a beautiful area, with beautiful lakes and beaches and it’s 60 minutes from Sydney, the area is starting to really flourish, you really have everything.”

Mr McGrath added that it’s getting harder to buy in Sydney and a lot of people are choosing a better lifestyle and buying up in the Central Coast, saying that if you have $800,000 to $900,000 trying to buy a three to four bedroom house in Sydney is almost an ‘impossible dream’.

It is understood that the Prime Minister intends to rent out the four bedroom Copacabana property he has purchased. Mr McGrath estimates that he will pocket between $2000 to $2500 a week given there are a lot of professionals moving up to the Central Coast because it is an easy commute to Sydney.

Mr Albanese has meanwhile revealed himself as quite the canny property investor, purchasing the cliff top mansion for significantly less than it previously sold for three years ago.

As property prices soften Mr Albanese paid $4.3m for the large architecturally designed house with uninterrupted ocean and Sydney skyline views in a secret deal last month.

Although he initially plans to rent the property out at a later stage he plans to live in it.

The four-bedroom house on nearly 800 sqm last sold in November 2021 for $4.65m.

Contracts for the Copacabana property were exchanged in September, and settlement is due to happen by the end of this month.

The Copacabana property, features timber lined cathedral ceilings and a centralised entertaining area along with open-plan living and dining space, while downstairs there’s a guest room and an additional north facing entertaining area.

It is understood the PM bought the property with his fiancee Jodie Haydon, whose family is from the region.

The house was sold by McGrath Avoca agent Steve Nixon who said the Central Coast has had a slight price reduction since the highs of covid in the end of 2021 which was around our peak time. “The property is in great condition and does not need any work,” Mr Nixon said.

“It’s a very private property and the views are spectacular,” Mr Nixon told The Australian.

“That’s the thing - that home offers really good privacy and views all the way to Sydney.”

He said the property was “one of those homes where you can arrive and just relax in.”

“It’s quite a decent size block, and ... it’s a private entry to get into the home,” he said. “It’s not easy for people to just access it, which is good.”

Mr Nixon, who declined to comment on the reason why the house was sold or purchased, said Copacabana is a “real up and coming suburb”.

“That’s one great thing about Copacabana - it’s holding onto more of a laid back feel,” he said. “People are coming there, but luckily they’re not changing it.”

“Down the track it was undecided what the property would be used for,” said the source.

Closer to the Sydney CBD Mr Albanese is meanwhile attempting to sell his Dulwich Hill investment townhouse in the trendy inner west for $1.85m also through The Agency.

However, he made a last minute decision to pull it from its Saturday auction late last week for unspecified reasons. Marketing agent Shad Hassen of The Agency Inner West said on Tuesday morning the property was still on the market.

With Ellie Dudley