96% of parliamentarians own property

Font size :



Ironically, the politicians charged with solving the issue of skyrocketing house prices and housing insecurity are among Australia’s most aggressive property investors, according to new analysis by ABC News.

Ninety-six percent of parliamentarians own property, and only about 10% of our 224 elected officials aren’t certified property owners. This contrasts sharply with the rest of the country, where homeownership is expected to dip below 50% sometime this year.

Just as tellingly, while the rate of property investment among the general populace is about 10%, this jumps to 48% among parliamentarians.

Nationals senator Barry O'Sullivan takes the crown with a whopping 33 properties (mostly commercial or industrial); fellow National David Gillespie takes the second spot with 18 properties; and Karen Andrews takes third spot with 10 properties.

While many young people and low-income earners are renting rooms in shared homes and splitting houses in half, the average property-owning parliamentarian has 2.4 titles to their name. Additionally, even though there are only 226 seats in the Federal Parliament, 264 of the homes owned by parliamentarians are listed as residential.

The so-called “razor gang” all own property: Finance Minister Mathias Cormann (two residential and three investment properties), Treasurer Scott Morrison (a home at Dolans Bay), and Prime Minister Malcolm Turnbull (several properties, including a home at Point Piper and an apartment in Canberra).  

ABC News analysed data from the Parliament of Australia, the Reserve Bank of Australia, and the University of Melbourne. “We’ve included agricultural, commercial, industrial and residential properties. We’ve also included properties jointly owned with spouses or family members and we’ve included properties with and without mortgages,” ABC said.  

ABC News also included properties owned by trusts or companies where parliamentarians were listed as beneficiaries. “Quite a few politicians have declared property investment companies or trusts but not the properties owned, so the real number of properties owned could be higher,” ABC said.  

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Saturday, Sep 23, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords