Home prices slide 0.9% in May

Home prices dipped in May for the first time in six months, with Sydney's booming property market losing a bit of steam.

Home values in Australia's capital cities fell by 0.9 per cent, with drops recorded everywhere except Darwin and Canberra, the latest CoreLogic RP Data home value index shows.

Sydney's home values fell 0.7 per cent, with Melbourne down 1.7 per cent and Hobart posting the biggest fall with 2.7 per cent slide.

For the year to May 31, home values were up by nine per cent, with the average property priced at $570,000.