Prime minister selling Onehunga rental property

Thursday, 1 August 2024

A Grey St, Onehunga property owned by Prime Minister Christopher Luxon as an investment has been put on the market.

Prime Minister Christopher Luxon is selling one of his rental properties in Auckland which would make him several thousand dollars richer.

The Grey St, Onehunga, home was purchased by Luxon in 2015 for $650,000, The Post reported.

Prime Minister Christopher Luxon talks about upcoming tax cuts which begin 31 July.

Homes.co.nz estimated its current market value could be $1.07 million - which could mean a $350,000 capital gain, if that price was obtained.

It’s one of three houses Luxon owns at the same address on the Onehunga street as investment properties. He is also mortgage-free on all seven homes he owns, The Post reported.

The property has a deadline sale of August 6.

There would also be no tax on the expected capital gain as the prime minister has owned the property since 2007, no brightline test applies.

This includes the former 10-year and five-years thresholds which his Government reduced to two-years on July 1.

Luxon declined to comment to The Post on the sale this week. The property went on the market last week, and the deadline sale has been set for August 6.

* CORRECTION: Christopher Luxon bought the Onehunga property in 2015 for $650,000, not, as previously reported, in 2007 for $373,000. (Amended: August 5, 2024, 1.22pm.)