Traders scale back bets on rate cuts as Sydney home prices surge
July's gain was the biggest based on RP Data-Rismark Sydney All Dwellings Index data going back to 2011
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IF Cate Blanchett or James Packer can get record prices for their Sydney pads, homeowners reason they can too. That bullish sentiment is one reason traders are scaling back bets on Australian central bank interest-rate cuts.
Blanchett, who plays the royal elf Galadriel in the Lord of the Rings movies, may get at least A$20 million (S$20.6 million) for her Sydney home. That would be a record for the Hunters Hill neighbourhood, according to media reports. Mr Packer, the billionaire businessman who's dating singer Mariah Carey, sold his house in Sydney for A$70 million to set a record for the nation, the reports show.
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