Jonathan Chancellor | 7 February 2013

Landlord Julia Gillard sells Canberra investment apartment

The Prime Minister Julia Gillard has sold her Canberra investment property for $615,000. It cost $540,000 in late 2005, representing just 1.7% annual price growth.

The Prime Minister declared the sale of the apartment in the tightly held 2005 Kingston complex of 24 apartments in her latest update to the register of member's interests on February 5 this month.

It had been rented by Gillard in January 2011.

The two-bedroom Wentworth Avenue apartment with two bathrooms, two balconies, and two basement car spaces had previously been occupied by her before moving to The Lodge when she became Prime Minister in 2010.

It was quietly listed in August, and sold about 57 days later in October last year with settlement last month through Elders Dickson Real Estate.

The marketing brochure described the 129-square-metre apartment as having “exceptionally generous” space.

"The floors are a combination of timber and pure wool carpet,and together with subtle neutral colours give the whole apartment a feel of luxury," the selling agent Birgitte Moltke said. Moltke was also the agent who had the listing in 2007 with a $530,000 asking price, but official property data indicates its last sale was in 2005 at $540,000.

In 2011 there were three sales between $595,000 and $615,000. The block's highest recent sale was in mid-2011 when $640,000 was achieved for a three bedroom apartment that had previously sold in 2005 for $549,000, reflecting 2.4% annual growth.

“While the sale occurred at the end of October 2012, financial matters related to the transaction were not finalised until the last week of January 2013,” the spokesperson told The Australian.
Canberra's recent real estate price growth status is being questioned especially given the prospect of a change of government affecting public service levels. APM recorded a Canberra unit prices rose 3.8% over the December quarter to finish the year almost where they began at a $415,000 medium.

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