Victorian state politicians collectively own 260 properties, including homes, farms, retail spaces and vacant blocks, with two owning more than 15 each.
An analysis of hundreds of pages of disclosures reveals the MPs with the largest property portfolios were senior Liberal Shadow Energy Minister David Hodgett with 18 and Deputy Liberal Leader David Southwick with 17. However, 11 of Hodgett’s and 13 of Southwick’s were held by family trusts and were not individually owned by the MPs.
Family trusts could be shared among cousins or siblings, for example, meaning the MPs would not receive the same benefit from them as an individually owned property.
Assistant Treasurer Danny Pearson and Tourism Minister Steve Dimopoulos owned six properties each, including investment properties rented out.
Housing affordability has become an increasingly hot political issue, with rising interest rates and record-low rental vacancies squeezing Victorian household budgets.
State parliament’s upper house will this year investigate alternatives to stamp duty, which is estimated to pour $10.2 billion into government coffers in 2022-23, to help buyers into the market.
Exemptions are already in place for first home buyers purchasing property up to $600,000, and it is tapered up to $750,000. The Coalition wanted to extend the full exemption to $1 million in its failed 2022 election bid.
The Age trawled through the register of interests published this month and in September and July last year, and found 90 per cent of all 128 parliamentarians owned at least one property. Half owned at least two, including those held by a family trust.
However, MPs are not required to declare properties owned by their partner.
The analysis relied on information provided in the disclosures. The Age also allowed updates and clarifications on the personal situations of politicians after contacting dozens of MPs.
Melbourne house prices slipped to a median of $1.033 million in the year to December, according to the Domain House Price Report. In regional Victoria the median price of a home lifted to $585,000.
However, many of the properties declared by the MPs were vacant blocks of land or small retail shops that may be valued much less.
Several MPs rented the home they live in but had other investment properties. Others owned a second property in the city, particularly those from the regions.
National MP Danny O’Brien, for example, owns his home in his Gippsland South electorate and a second property in Melbourne, as well as a rental in NSW.
Deputy Premier Jacinta Allan owned a primary residence in her Bendigo electorate and a second in the city.
Thirteen MPs – most of whom were newly elected – did not declare ownership of any properties.
Renters with no portfolio included Martha Haylett of Labor, Martin Cameron of the Nationals, Aiv Puglielli of the Greens, David Limbrick of the Liberal Democrats, and Rachel Payne from Legalise Cannabis.
The Age counted Shaun Leane as owning no properties, but he was waiting for a block of land to settle which he declared on his register anyway.
Wayne Farnham, the member for Narracan, was not included in the analysis because he was sworn in this month after a delayed election and his interests were yet to be published.
The starting salary for an MP in Victoria is $192,115, with extra pay for additional responsibilities such as a position in cabinet.
Premier Daniel Andrews earns $464,918 a year, including $58,435 in expenses and allowances, and declared ownership of one property, in his electorate of Mulgrave.
Opposition Leader John Pesutto also owned just one property.
To assist first home buyers into the market, Victoria has introduced a means-tested shared equity scheme. First home buyers can contribute a deposit of just 5 per cent for a home valued up to $950,000 in Melbourne or $600,000 in the regions, with the remainder covered by the state.
The Andrews government has also embarked on the record $5.3 billion big housing build to add 12,000 social and affordable homes, which still falls short of providing a place to live for the 55,000 households on waiting lists.
Labor wanted to introduce an $800 million tax on new residential projects with more than three dwellings, to boost social housing, while streamlining planning approvals for developers. But the levy was scrapped last year fearing a campaign on housing affordability after the property industry and Coalition argued it could increase property prices.
Tougher regulations for Airbnb have been proposed by the Greens to ease rental vacancies in popular tourism centres.
Just three MPs – Haylett, Annabelle Cleeland of the Nationals and Ann-Marie Hermans of the Liberal Party – declared they still had a HECS-HELP debt to the Commonwealth government for university study.
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