Prime Minister Anthony Albanese made headlines this week not for his policies, but his growing property portfolio. The news of his recent purchase of a $4.3 million clifftop home in Copacabana on the Central Coast – which he’ll likely move into once his stint is up at The Lodge – has ruffled some feathers amidst a cost-of-living and housing affordability crisis across the country.
In response, Albanese has acknowledged his good fortune while also reminding Australians that he grew up in public housing. But how does his new acquisition compare to other former Australian PMs and their chosen residencies both during and post-prime ministership?
While Scott Morrison returned to his Lilli Pilli home in the Sutherland Shire after clearing out of Kirribilli House following his loss to Albanese, his predecessor, Malcolm Turnbull, opted to stay put in his own digs throughout his tenure. Which, upon seeing said digs, makes total sense. Since 1994, The former Co-Chairman at Goldman and Sachs has lived in a luxury waterfront property in Point Piper, which became a sprawling mansion in 1999 when he purchased the adjoining property for $7.1 m. Today, the lavish home is estimated to be worth between $50-60 million.
Meanwhile, when Kevin Rudd lost the prime ministership (the first time), he and his wife splashed $2.17m on a luxury home in Canberra’s leafy Yarralumla, before picking up a $3.1 million beach house near Noosa on the Sunshine Coast in 2011.
After Rudd reclaimed his PM title from Julia Gillard in 2013, Gillard sold her single storey brick home in Altona, which she owned from 1998 until 2013. The home sold for $220K above reserve at $921K to self-described ‘fans’ of her leadership. She then went on to purchase a $2m four-bedroom, three-bathroom home with her partner in Adelaide.
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In 2007, John Howard retreated from The Lodge to his long-time family residence in Wollstonecraft on Sydney’s lower north shore. When Paul Keating reigned supreme, he splashed $2.2 million in ‘94 for the historic ‘St Kevins’ home on Queen St in Woollahra. Years on from his time as PM, Keating has made many additions to his property portfolio, including a $1.6 million Elizabeth Bay apartment in 2017, a $2.7 million holiday home in Gerringong in 2019, and a $1 million investment apartment in Melbourne that same year. Just last October, he managed to secure $315,000 for his 18 sqm parking spot in Potts Point, bought by developer Tim Price.
And there was Bob. Australia’s most celebrated SCG sculler purchased a three-bedroom home overlooking Sugarloaf Bay for $1.23 million in 1991, seven months before Mr Hawke lost the leadership to Keating.
Two years later, the home was knocked down and replaced with a four-storey mansion. Ten years on from that, Bob secured Willoughby Council approval to install a rooftop pergola complete with synthetic turf to double as a putting green. In 2019, the North Shore home sold for $14 million, only shortly before Mr Hawke died at 89-years-old.
