Our Aussie politicians' $300m real estate empire

Senator Barry O'Sullivan
Senator Barry O'Sullivan Peter Holt

WHILE many Australians can only dream of owning their own home, Toowoomba Senator Barry O'Sullivan can lay claim to owning no less than 50 properties.

A breakdown of politicians' interests by several property authors reveals Australia's 226 federal politicians have a stake in 563 properties - that's about $300 million in real estate holdings.

Mr O'Sullivan, a Landed Nationals senator, is Canberra's biggest property baron, with 49 investment, vacant land or commercial properties along with the house he calls home.

Mr O'Sullivan was a former Toowoomba homicide detective.

Billionaire Clive Palmer is high on the list with 12 properties, while Nationals MP David Gillespie has 17.

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"The trends in the data suggest a sizeable majority of federal politicians have a vested interest in maintaining high housing prices, particularly since most have mortgages over their own investments," the blog Aussie Politicians and their $300 Million Property reads.

"A fall in housing prices may cause many politicians to fall into negative equity, providing a strong incentive for politicians to enact legislation which has helped fuel a housing bubble, enriching owners."

Topics:  barry o'sullivan editors picks property real estate toowoomba

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