Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Tuesday, 10 January 2017

From Ley buy to bye-bye

Snouts in the trough

Former Health Minister Sussan Ley has stood aside over the purchase of a $795,000 Gold Coast property on a taxpayer-funded trip. 

I was quoted in today's New York Times story here (note the quoted prices in the article are of course in US dollars). 

For the record, the purchase was a rather nice 149sqm apartment on the 8th floor of the 31 storey 'De Ville' complex, with an ocean view from Main Beach Parade, and picked up for less than its last sold price in 2006 before apartments on the Goldie underwent a significant cyclical correction. 

With the lower dollar supporting tourism in the lead up to the Commonwealth Games it may prove to be an astute real estate purchase, if a career-limiting one. 

Obviously buying an investment property or a holiday unit on a taxpayer funded trip was a significant error of judgement, and there may be more to come out from this story yet. 

But the most deflating part of all this entire episode will be the dredging up of endless cheap shots from left-leaning commentators with short or selective memories. 

Obviously it was stupid, but I find it hard to stomach that the Coalition are not any worse than the ALP in this regard. 

My 'hot take': they're all as bad as each other.