Australia's property market is heating up again, with record auctions over spring, and the return of both first home buyers and investors pushing up house prices.

The latest data from research firm Cotality showed national home values rose 1.1 per cent over the month of October, and 6.1 per cent over the year.

It was the fastest pace of home value growth in more than two years, "confirming a new cycle of growth", Cotality said.

All capital cities saw price rises, with Perth leading the gains, followed closely by Brisbane.

The combined regions saw a 1 per cent gain over the month, and a 7.5 per cent lift over the year.

With more buyers in the market competing for limited housing stock, and more interest rate cuts expected in 2026, many analysts think the only way for property prices to

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