As reported by 2GB presenter Ben Fordham, contracts were exchanged on the luxury waterfront home in September, with settlement expected by the end of the month.

Mr Albanese defended the purchase to reporters on Tuesday, acknowledging that he was "much better off" as prime minister.

The prime minister was questioned over whether the lavish purchase was a 'good look' given the current cost-of-living crisis, with Mr Albanese saying, "When your relationship changes, your life changes, and you make decisions". "As prime minister, I earn a good income. I understand I've been fortunate,' he said, adding, "But I also know what it's like to struggle."

The luxury waterfront home is described as a "premiere location to enjoy sun, whale watching or spectacular sunsets year-round" with an "open plan living and dining space [that] captures mesmerising ocean views" on the property listing.

The prime minister said that future wife Jodie is a "proud Coastie", and the couple will be closer to three generations of her family.