Home values dipped slightly in Sydney and Melbourne last week amid ongoing concerns about booming property prices in the two capital cities.
Sydney home values slipped 0.3 per cent in the week to June 14, while prices in Melbourne fell 0.4 per cent, the latest roundup of auctions by CoreLogic RP Data out Monday shows.
Over the same period, home values also fell in Perth, dropping 0.7 per cent, but in Brisbane rose by 0.3 per cent and in Adelaide by 0.4 per cent.
The latest figures follows Bendigo Bank/Real Estate Institute of Australia data out last week, showing Sydney has the highest median house price among capital cities at $929,842, representing a 4.9 per cent jump in the March quarter.
According to Monday's CoreLogic RP Data, Sydney and Melbourne home values also fell on a monthly basis, but that's likely to reflect usual late-autumn housing price lull which tends to begin around the Start of May.
Home values in Sydney rose 14.2 per cent over the past 12 months and in Melbourne are up 9.1 per cent, RP Data said.
The property market snapshot comes after Reserve Bank governor Glenn Stevens last week labelled Sydney property prices "crazy", while indicating the central bank remained open to more interest rate cuts.
Treasury boss John Fraser, meanwhile, has recently said Sydney and wealthier parts of Melbourne are "unequivocally" in a housing bubble.
Treasurer Joe Hockey has downplayed fears of a bubble, and has vowed to crack down on foreigners flouting laws on property investment.