SYDNEY (Reuters) -Australian home prices rose in August, driven by increased buyer demand and low levels of advertised stock, property consultant Cotality said on Monday.

Prices increased 0.7% in August from July to a median value of A$848,858 ($551,587.93), accelerating from a 0.5% gain the previous month, according to figures from Cotality, formerly CoreLogic.

The August result was the strongest monthly gain since May 2024.

The rise was broad-based, with prices in Brisbane jumping 1.2% in August. Prices in Sydney, Australia’s most populous city, rose 0.8% while in Melbourne they were 0.3% higher.

Hobart, where prices fell 0.2%, was the only state capital to log a decline in the month, according to the data.

Buyer demand was spurred “by a lift in borrowing capacity, real wages growth

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