Rising prices and a lack of supply is locking many people out of the housing market. Photo: Mick Tsikas/AAP PHOTOS

A clear disconnect between supply and demand is driving home values to record highs across Australia, with prices rising at the fastest pace in almost two years.

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The median Australian property climbed to $857,280 in September, a jump of 0.8 per cent, property analytics firm Cotality reported in its monthly home value index on Wednesday.

Every capital city and the combined regional areas gained over the month, the quarter and the past year, in a sign falling mortgage ra

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