Australian 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%.
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Australia’s banking regulator said last week it will