Home values climbed by 8 per cent nationwide over the past financial year to hit record highs, delivering a $59,000 windfall gain on average to residential property owners, data from CoreLogic shows.

Amid an ongoing supply shortage, strong demand fuelled the sustained increase in prices and shielded the housing market from the impact of higher interest rates, a weaker economy and poor sentiment, said Tim Lawless, CoreLogic’s research director.