The apparent end of the housing boom looks set to hit the employment market, with analysts betting the number of blue-collar jobs being advertised will soon drop off.

Citi says there has been rapid growth in ads for construction, trade, manufacturing and related jobs since 2014 even as the unemployment rate remained flat, but that those jobs are set to fall away following the peak of the housing market.

Moves by regulators to tighten lending standards appear to have successfully cooled the runaway housing market, with property prices falling 1.1 per cent in May and apartment building approvals down 26 per cent over the past 12 months.

Citi predicts housing construction starts will fall by a quarter over the next two years and that job ad growth will fall to 1.5 per cent a year in 2018 and 2019, after growing at 10 per cent between 2014 and 2017.