Australia’s housing market is heating up just in time for spring, with national home prices climbing 0.5 per cent in August to reach a fresh record high.

This marks the eighth consecutive month of growth, setting the stage for what experts predict will be a blockbuster spring selling season.

Over the past year, home values have surged 5.3 per cent, adding an average $47,900 to the median property price.

The five-year growth story is even more staggering, with home values rocketing 50.4 per cent, underscoring the resilience of the Australian property market.

Capital city markets are leading the charge, with values rising 0.5 per cent in August and 4.9 per cent year-on-year.

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