CEOs are selling shares to pay for expensive homes

Mike Smith’s house is still on the market. Picture: Kay&Burton

House prices in Sydney, Australia’s largest and most expensive housing market, have risen by a staggering 95.7% since the GFC.

Those in Melbourne have increased by an equally outrageous 81.8%.

With increases like these it’s no wonder housing affordability is a contentious topic in Australia.

And it’s not just a pinch to the pocket of the average income earner – CEOs and execs are feeling it too.

An article in the Sydney Morning Herald this morning reveals how multiple big wigs in the Australian C-level group have even had to sell business assets to afford property.

Here’s four execs who have had to sell up to buy big.

David Attenborough, managing director and CEO of Tabcorp: Selling $4 million of Tabcorp shares to “use the proceeds to fund the purchase of a family home”.

Photo: David Attenborough, managing director and CEO of Tabcorp/ Supplied.

Mike Smith, former ANZ CEO: Sold $17 million of shares to acquire a $10 million farm and vineyard in Bellarine, Victoria.

Mike Smith, former CEO of ANZ. Photo: Getty Images.

Christine Holgate, CEO of Blackmores: Last year she sold $4 million of stock, saying: “I am soon to be married and I have sold the shares to help fund a new home,” in a disclosure to the ASX.

Blackmores CEO, Christine Holgate. Photo: Supplied.

Mark McInnes, CEO of Premier Investments: Sold his entire $12 million stake in the business to pay for a block in Toorak. In 2014 he sold $4 million worth of shares for a shack on the Mornington Peninsula.

Photo: Mark McInnes, CEO of Premier Investments/ Supplied.

The SMH has more.

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