Anthony Albanese’s clifftop mansion a bargain as sellers cop $365k hit
The vendors of Anthony Albanese’s new holiday house sold as average prices in Copacabana dipped from a high of $2m three years ago — but they didn’t sell for financial reasons.
The Covid pandemic saw average house prices in Copacabana jump to as much as $2m at the end of 2021 but they have since dropped back to $1.72m paving the way for the prime minister to secure a clifftop mansion in the pricey Central Coast suburb at a deep discount.
Local agents said Mr Albanese’s purchase was not negotiated at an ‘outstanding’ price for such a rare position even though median prices have reduced considerably over the past three years.
The vendors of the Copacabana house, health professionals Stewart and Leanne Smith, copped a $365,000 hit on the sale of their NSW Central Coast holiday home.
The house with Pacific Ocean views last sold for $4.65m at the height of Covid to Mr and Mrs Smith, the operators of a Sydney health food store known as The Source Bulk Foods in suburban Balgowlah. They could not be reached for comment on Wednesday despite repeated attempts by The Australian.
McGrath Central Coast agent Steve Nixon who sold the home to Mr Albanese would not be drawn on why the Smiths had decided to sell the four bedroom Copacabana cliffside mansion. But sources said it was definitely not for financial reasons.
Mr Nixon was more effusive however on the improving Central Coast real estate market saying ‘there was a slight retraction in the market, (but) now it’s improving.’
“Confidence is starting to creep up … with a mix of people buying on The Central Coast. “There’s a lot of people moving from Sydney, the beachside suburbs attract a mix of part time holiday users and people moving their lives up from Sydney,” Mr Nixon said.
But he said the cheaper Central Coast inner suburbs attract more owner occupiers and local buyers.
Meanwhile, Central Coast agent Cathy Baker, principal of Belle Property Killcare, who has previously sold the Copacabana property purchased by Mr Albanese and his soon to be wife Jodie Haydon, said: “He hasn’t paid a top end price, it’s pretty much in line with what you would expect for something on that cliff edge.”
She said the price paid was reasonable considering the current market conditions.
“The mansion’s popularity stems from its ‘amazing position and view. It was always a popular spot, it has the best view down to McMasters Beach,” she said.
“The cliff edge is tightly held, there’s not a high volume of turnover, not a lot of property with that position and view.”
Generally speaking, Ms Baker said some pockets of The Central Coast are selling well but there is less stock than is normal during the popular spring selling season.
“The market is a little bit changeable … properties coming on the market which are well priced are selling within four to six weeks,” she said.
She has just sold two properties in Killcare for $2.5m and $3.95m – well within the owners’ expectations.
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