Gigi Wong beat four other bidders in an auction of a three-bedroom Sydney house with peeling wallpaper, cracked doors and an overgrown backyard by paying A$856,000 ($811,060), 14 percent more than the realtor expected the property to fetch.
Australia maintained the highest benchmark interest rate among major developed economies as domestic demand weathers a global slowdown that’s driving down the price of iron ore, the nation’s biggest commodity export.
Australia’s central bank Governor Glenn Stevens signaled he’s prepared to extend a pause in interest rates as global market turmoil threatens an economy that grew last quarter at the fastest pace in four years.
Australia unexpectedly lost jobs for a second straight month in December, capping the nation’s worst year for employment in almost two decades and weakening the local currency as traders raised bets on interest-rate cuts.
Australia’s unemployment rate rose as the nation posted its worst back-to-back years of job growth since the 1997 Asian financial crisis, throwing up an obstacle in Prime Minister Julia Gillard’s re-election bid this year.