Dec 1 (Reuters) – Australian home prices rose in November with large gains in several state capitals, amid a record level of housing unaffordability, property consultant Cotality said on Monday.

Prices increased 1% in November from October to a median value of A$888,941 ($581,989.67), after a 1.1% gain the previous month, according to figures from Cotality, formerly CoreLogic.

The rise was broad-based, with prices in Perth jumping 2.4% in the month. Prices in Sydney, Australia’s most populous city, rose 0.5%, while in Melbourne they were 0.3% higher.

Cotality’s research director, Tim Lawless, said price growth was strongest in mid-sized capitals and “especially evident in Perth, where listings are holding more than 40% below average, buyer demand is elevated”.

Weighing on growth, Cotal

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