Reserve Bank of Australia governor Michele Bullock purchased a $2 million holiday home in the coastal town of Yamba on the same day the RBA raised interest rates to 4.1 per cent. The March 17 rate hike adds roughly $180 per month to the average mortgage compared to December.
Bullock and her husband Ian bought the four-bedroom property for $2.05 million on February 3, finalising the deal on March 17. The couple also own a primary residence in Sydney. The home, originally slated for auction in early 2026, was snapped up the day before it went under the hammer.
The property features a French-imported handmade kitchen sink, a glass-enclosed wine cellar, a butler's pantry, a bar, and a BBQ with pizza oven. The master bedroom includes an 'oversized walk-in robe' described in the listing as 'exuding opulence'. Bullock received $1.26 million in remuneration in her first financial year as RBA governor.
The rate hike, the second this year, pushes the average variable rate for owner-occupiers to an estimated 6.01 per cent, the first time above 5 per cent since April 2025. Markets have priced in two further rate rises in 2026, potentially bringing the cash rate to 4.6 per cent by Christmas.
