Australian home prices have blasted higher again, with the typical home now worth nearly $65,000 more than a year ago.

New PropTrack data has laid bare the staggering impact of three rounds of interest rate cuts this year and a surge in demand from first-home buyers, with national prices jumping 0.6 per cent in October to cap off a 7.5 per cent price surge over the past year.

Darwin and Brisbane led the pace when it came to annual price rises, with both cities seeing an average rise in dwelling prices of just under 13 per cent. Adelaide and Perth rises were 10.3 per cent and 11.8 per cent, respectively.

Sydney prices rose 6.4 per cent for the year , while Melbourne (4.2 per cent) and Canberra (2.7 per cent) had the slowest rises, according to the PropTrack Home Price Index.

PropTr

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