Australian Home Prices Extend Gains as Affordability Worsens
The Sydney city skyline from the suburb of Balmain.
Photographer: Lisa Maree Williams/BloombergAustralian home prices extended gains in November as demand continued to outstrip supply, a dynamic that could add to inflation pressures and keep the Reserve Bank from cutting interest rates further.
The Home Value Index jumped 1.0% following a 1.1% gain in October, property consultancy Cotality said Monday. Perth led the increases with 2.4%, while Sydney notched 0.5% growth and Melbourne climbed 0.3%.