RBA to sell Sydney mansion amid high home prices

[SYDNEY] The Reserve Bank of Australia is seeking to sell a 920 square metre residential property in a harbourside suburb of Sydney amid the highest home prices the city has ever seen.

The central bank has listed for sale the six-bedroom Eversley mansion near the northern end of the Sydney Harbour Bridge through broker Ray White Group, according to a listing on the realestate.com.au website. No price guide was given for the property in Kirribilli, a suburb four kilometres north of the city centre, where the median house price was A$2.35 million (S$2.68 million), according to the website.

The RBA is putting the house up for sale after its record-low 2.5 per cent benchmark interest rate helped drive a 13.4 per cent gain in Sydney dwelling prices in the 12 months to Jan 31. While home prices are at a record, the country's jobless rate is at a decade-high 6 per cent, shrinking the likelihood of a rate increase that could arrest further price surges.