House prices are rising at the slowest pace in a year with only Sydney, Brisbane, Perth and Hobart posting an increase in November.
Only Sydney, Brisbane, Perth and Hobart posted property value increases in November, as average prices fell by 0.3 per cent.
Melbourne suffered the steepest monthly drop, of 2.6 per cent, with prices also declining in Adelaide, Canberra and Darwin, the CoreLogic RP Data home value index showed.
The 8.5 per cent annual growth pace was actually the slowest in a year, RP Data research analyst Cameron Kusher said.
"Market indicators such as auction clearance rates remain quite strong, but also point to slightly weaker overall housing market conditions," he said.
CommSec chief economist Craig James said an easing in home prices could ensure that interest rates remained stable for much of next year, even though most economists are tipping a rate rise in 2015.
He added the mixed results across capital city housing markets negated the need for restrictions on property investors.
The Reserve Bank has been working with the Australian Prudential Regulation Authority on possible new lending standards to help cool investor demand for property.
Sydney continued to outperform the rest of Australia in November, with house prices rising by one per cent to a median of $705,000.
Australia's median capital city house price stands at $559,000 with Melbourne dwellings selling for $568,500.
Elsewhere, median prices are $447,000 in Brisbane, $400,000 in Adelaide, $515,000 in Perth, $315,000 in Hobart, $540,000 in Darwin and $511,200 in Canberra.
ANZ predicted an easing in house price increases in 2015, particularly in Sydney and Melbourne where affordability was deteriorating.
St George senior economist Hans Kunnen said an increase in housing supply, affordabilty constraints and lower rental yields would help prices moderate in the near term.
ANNUAL HOUSE PRICE RISES
- Sydney, 13.2pct
- Melbourne, 8.3pct
- Brisbane, 6pct
- Adelaide, 2.8pct
- Perth, 1.4pct
- Hobart, 5.2pct
- Darwin, 1.4pct
- Canberra, 1.7pct