Australian house prices rise for eighth straight month

The news: The rebound in Australian home values has continued with prices rising for the eighth consecutive month, data from Corelogic showed.

The numbers: CoreLogic's national home value index recorded a 0.8% rise in September, up from a 0.7% increase in August and taking the pace of quarterly growth to 2.2%. This was down from the June quarter's 3% growth. The average dwelling is now up about $38,000 since January.

The context: The national index has recovered by 6.6% since a trough in January, and home values are now only 1.3% off record highs. The gains have come despite high interest rates and cost of living pressures, as well as a rise in housing advertisements. CoreLogic research director Tim Lawless said the growth rate was likely to push the national index to a new nominal high by the end of November, but risks of a slowdown remain as a likely jump in new listings during the traditional spring selling season could put downward pressure on prices.