Property prices rose 2.4 per cent in the September quarter– the biggest gain since December 2016 – led by strong growth in Sydney and Melbourne, the latest figures from the Australian Bureau of Statistics show.

After falling by 0.5 per cent in the June quarter, Sydney's home prices rose 3.6 per cent in the September quarter, boosted by the robust performance across most segments of the market, particularly between the $950,000 and $1.3 million range.