Home prices in Australia rose 1.1% in October, the strongest monthly increase since June 2023, lifting annual growth to 6.1%, according to a Tuesday report by the Commonwealth Bank of Australia (ASX:CBA).

Perth, Brisbane, and Darwin posted the biggest monthly gains in home prices, with increases of 1.9%, 1.8%, and 1.6%, respectively.

Listings in Perth, Brisbane, and Adelaide are below their five-year averages, while homes in Perth are selling in just 12 days on average. Homes in Brisbane are selling in 21 days on average, while Sydney, Melbourne, and Adelaide clock in at around 31 to 33 days.