Housing is at its most affordable level in a decade despite recent rises in home prices, the latest index says.

But while historic low interest rates and growth in wages has significantly offset the cost of housing across much of Australia, Sydney is just level pegging, the HIA-Commonwealth Bank housing affordability index shows.

A spring property revival hasn't hampered affordability. Credit:Glenn Hunt

Housing affordability rose across the nation over the September quarter by 3.2 per cent, with all capital cites benefitting, the index showed.