The Dulwich Hill townhouse, originally purchased for $1.175 million, is now listed with an asking price of $1.85 million

Prime Minister Anthony Albanese has opted to withdraw his investment property from an auction scheduled for Saturday, opting instead to set an asking price of $1.85 million for the three-bedroom townhouse located at 29B Lewisham Street, Dulwich Hill. The property, which Albanese purchased for $1.175 million in 2015, was initially expected to fetch a price guide of $1.9 million at the auction.

The decision to withdraw the property came amid indications that the auction may not proceed as planned. On Wednesday, a call to the sales agent, Shad Hassen of The Agency Inner West, revealed that there was only one serious buyer interested in the property, who was “being a bit cute with the price.” This raised concerns about the viability of the auction.

Despite a follow-up visit from the interested buyer on Thursday, by Friday morning, there was still “no firm commitment,” prompting Albanese and Hassen to conclude that withdrawing from the auction was the best course of action. Hassen remarked, “They’re still interested, and we’re still negotiating with the young couple, but there’s been no firm commitment yet. Albo and I have decided that it’s best not to waste time; it’s definitely worth the money, and we’ll be having people come take a look at it over the weekend if we put an asking price on it.”

The decision to list the property with an asking price may also allow Albanese to sidestep the potential media frenzy that often accompanies public auctions, especially given that the sale of his property has sparked discussions regarding the tax benefits he has received as a property owner.

The prime minister’s move comes amidst broader conversations in Australia regarding housing affordability and investment strategies. With the market showing signs of uncertainty, Albanese’s experience may reflect the challenges many property owners face in the current economic climate.