How Anthony Albanese is personally benefiting from surging house prices in ... trends now
Marrickville, in the city's gentrified inner-west, saw its median house price in the year to November surge by 14.6 per cent to an even more unaffordable $2,022,621, new CoreLogic data showed.
Mr Albanese owns a house in this suburb and lived there until moving to The Lodge in Canberra in full time after winning the May 2022 election.
His pecuniary interest register shows he owns three properties, including the Marrickville house along with an investment house at neighbouring Dulwich Hill, which is rented out, and a Canberra unit.
In Dulwich Hill, house prices during the past year have surged by 19.7 per cent to $2,159,368, which means the prime minister would benefit from capital growth as an investor landlord.
A CoreLogic analysis showed Marrickville, Sydenham and Petersham, in Mr Albanese's Grayndler electorate, had Sydney's strongest annual price growth of 14.4 per cent in November, taking mid-point values for houses and units together to $1,694,355.
Prime Minister Anthony Albanese owns two houses in inner-city suburbs that have enjoyed Sydney 's strongest property price growth during a housing crisis - including Marrickville (pictured) where prices have surged by 14.6 per cent during the past year
Sydney's inner-west was once a working class area but now median house prices are typically well above the $2million mark, which is significantly more expensive than greater Sydney's mid-point house price of $1,397,366.
Mr Albanese grew up locally in a housing commission flat at Camperdown and was raised by his single mother on the invalid pension, Maryanne.
Across Sydney, Australia's most expensive capital city market, house prices have surged by 11.5 per cent during the past year and by 12.5 per cent since bottoming out in January 2023.
This has also coincided with Sydney's rental vacancy rate sinking to an ultra-low 1.2 per cent as 429,580 overseas migrants, on a net basis, moved to Australia in the year to September.
AMP chief economist Shane Oliver said the strongest population growth since the early 1950s meant house prices kept rising in 2023 despite the aggressive rate hikes.
'The supply shortfall in the face of strong immigration has had the upper had this year and should prevent sharp falls in prices, but high interest rates and their lagged impact are now starting to reassert themselves,' he said.
House prices in November rose in Sydney, Brisbane, Adelaide, Perth and Canberra even