Australia's housing market cycle continues to turn, with the latest CoreLogic figures likely to show price growth flat-lined in April as Sydney marked its first monthly decline since December 2015.

Full-month figures due to be released on Monday will show the country's peak growth phase has passed, CoreLogic head of research Asia Pacific Tim Lawless said on Thursday.

"The CoreLogic hedonic home value index has virtually held steady over the first twenty-seven days of the month for the five city aggregate index, with a subtle fall in Sydney values over the month to date," Mr Lawless said.

Shadow looming? Sydney home values showed a 'subtle fall' in April, CoreLogic says.

"Recent regulatory changes aimed at slowing the pace of investment and interest-only lending have pushed mortgage rates slightly higher and slowed the pace of investment demand. These changes appear to be having a dampening effect on housing market conditions."

The figures, which have still to be confirmed, would mark a slamming on the brakes of the market in Sydney, which CoreLogic said jumped 1.4 per cent in March alone - up 18.9 per cent over the 12-month period - and driving the five-city average to its highest annualised growth rate since 2010 of 12.9 per cent.