Australian home prices saw the fastest monthly growth in a year in September, rising 0.8% to a record median value of A$857,280. The surge was driven by low listings and rate cuts, with prices up 2.2% for the quarter. Brisbane led the gains with a 1.2% jump, while Perth saw a 1.6% surge. Cotality expects prices to continue rising through spring and into the year-end due to strong demand and low stock levels. The Reserve Bank of Australia kept interest rates steady at 3.60%, but has cut rates three times this year. Labor’s new policy to help first home buyers with a 5% deposit is expected to boost demand. Rents also rose 0.5% in September, with vacancy rates at a record low.

Read more at Yahoo Finance: Australia’s home prices rise at fastest clip in a year as rate cuts fuel demand