James Packer’s Sydney mansion sells for $70 million; Unemployment rises to 6.3%: Midday Roundup

James and Erica Packer’s Sydney mansion has sold for $70 million, according to Fairfax.

The sale of the six-storey property has set a new house price record in Australia.

The mansion was bought by Australian-Chinese billionaire Chau Chak Wing, the businessman who previously donated $20 million to the University of Technology Sydney.

The property has been under construction for three years and was going to be Packer’s family home before he and Erica Packer separated.

Unemployment has risen to 6.3%

Australia’s unemployment rate jumped by 0.3% during the month of July, according to the latest jobs data from the Australian Bureau of Statistics.

The national unemployment rate sits at 6.3%, up from 6.1% the previous month.

Meanwhile, the seasonally adjusted labour force participation rate increased by 0.3% off the back of a rise in part-time employment.

Shares down on open

Aussie shares are trading in the red this morning despite a relatively positive showing from Wall Street.

Tristan K’Nell, head of trading at Quay Equities, said in a statement the local sharemarket would be subdued today due to investors being cautious until the release of further employment data.

“The Australian share market [is] trading in the red as strength in the big miners is offset by weakness amongst the big banks,” K’Nell said.

“The market takes a cautious mood ahead of local employment data today and ahead of the employment data out of the US, which will take centre stage with the market again debating the timing of the Fed Reserve’s next interest rate hike.”

“Market turnover into lunch was average at $1.348 billion and, given the data to be received, [it is] no surprise to see investors on the sidelines.”

The S&P/ASX200 benchmark was down 0.74%, falling 41.9 points to 5632.1 points at 11.52am AEST. On Wednesday, the Dow Jones closed down 0.06%, falling 10.22 points to 17,540.47.