Home prices in Australia's biggest cities have jumped 3.7 per cent since the start of the year with the proportion of settled auctions on the rise as well.

Sydney has led the charge, with prices there jumping 5.3 per cent since January 1, according to the latest data from CoreLogic. The median house price in Sydney is $950,000, while the median unit price hit $740,000. Melbourne residential property prices have risen 4.4 per cent since the start of…