According to recent reports, Peter Dutton, leader of the opposition in Australia, has gathered a $30 million property portfolio. His real estate accumulation is the result of 35 years, making him one of the richest contenders for Prime Minister.
Peter Dutton began buying and selling properties at an early age. It is no surprise that he bought his first home at 19. Peter Dutton’s real estate investments and ventures include plazas, mansions, city apartments, childcare centers, and farms.
Who is Peter Dutton?
Peter Dutton is an important personality in the political world. Besides his professional career, one thing that makes him a popular name is his real estate portfolio.
Peter Dutton is the leader of the opposition in Australia, serving his duty as the leader of the Liberal Party of Australia. You must be surprised to know that Peter Dutton joined politics as a teenager. However, he was elected to the House of Representatives at 30.
The journey went upstairs, leading Dutton up to the post of present-day opposition leader. In between, he served in various ministerial positions from 2004 to 2022, including Ministry of Employment Participation, Minister for Home Affairs, and Minister for Defence. The renowned name has been in the Australian political community since 2001.
A Property Entrepreneur in Politics
Today’s news drop reveals Peter Dutton’s accumulation of $30 million in real estate. After purchasing his first home, he started buying and selling houses and making money. Over 35 years, he has gathered much to make him one of the wealthiest contenders for Prime Minister.
Currently, Peter Dutton has five properties, including a flat in the Australian Capital Territory and houses in Queensland. He also owns a company and trust, RHT, which is especially associated with Peter’s kids, Rebecca, Harry, and Tom.
Peter Dutton's property transactions are an interesting topic, which you must know to understand his worth. He owns 10 properties solely, 13 properties in collaboration with his father, one property with his wife, one with his friend, and two properties with his former spouse, Susan Britton.
Not only this, Peter’s wife, Kirrily, has also been following in her husband’s footsteps and buying and selling houses. According to reliable resources, she obtained a profit of $5 million and has sold multiple properties. The story has more to say; the couple owns a property of around 68 hectares, a single property worth $2.1 million in August 2020.
Profitable Investments and Losses
Peter Dutton has been in the real estate world for a long time. This era includes several investments with profits and losses. One example is selling his holiday home on Jefferson’s Lane, part of the Gold Coast’s Millionaire Row, for $6 million in 2021. You must know that the cost is almost double the amount he bought it for in 2014.
Similarly, Peter sold his family estate in Camp Mountain, northwest of Brisbane, for $1.8 million in 2020. He bought this property for $710,000 in 2003, earning a profit of $1.09 million.
There came a point in his real estate journey when he suffered extreme losses. Dutton sold his luxury unit in Spring Hill and lost $147,000 in 2021 after buying it for $482,000. He bought this unit in 2016 for $629,500.
Charges Against Late Declarations
There are times when a successful source of income suffers damage and allegations. Peter Dutton is no exception. You may not know, but the parliamentary rules say that MPs must disclose investments, real estate, or gifts within 30 days.
Even then, Peter delayed his property transaction declaration about fifteen times, which the Sydney Morning Herald accused him of. In response, Peter Dutton denied these claims, stating that incomplete paperwork was the main reason for the delay.
“They’ve [Labor] trawled through every transaction of my life... and they’ve come up with the fact that we’ve bought and sold properties,” he told reporters.
In support of his statement, he emphasized his entrepreneurial spirit and working-class upbringing or background. “My father and I started with nothing in a small building company... I never lived in the houses; they were never rented out; it was a small business,” Dutton said.
Like Peter Dutton, Prime Minister Anthony Albanese’s name also appeared in the media regarding his holdings and transactions, including his clifftop mansion in Copacabana on the NSW Central Coast. In this case, Murray Watt, Minister of Employment, stated that Anthony’s investment was insignificant compared to Peter’s vast real estate transaction.
Dutton’s Home Ownership Viewpoints
In Mark Bouris’s podcast, Straight Talk, Dutton expressed that owning a home evokes a sense of security and financial stability. “The home is such an important anchor for a stable relationship and the raising of children,” he said. “It’s an asset that increases in value that you can bequeath to your children or use for retirement.” Moreover, he revealed that his kids, especially his sons, who are 22, 20, or 19, are saving to buy their homes.