Sydney and Melbourne house values have lifted on the back of interest rate cuts, looser lending standards and the Morrison government's income tax cuts, but most of the increase is going into top end properties.

CoreLogic's closely watched monthly measure of property values showed a 0.1 per cent increase across the nation's capital cities through July.

The increase was driven by Sydney, where house values lifted by 0.2 per cent, and Melbourne where they were up by 0.1 per cent. Values of apartments in the two cities increased by 0.3 per cent and 0.4 per cent respectively.

It was the second consecutive monthly lift in values for the nation's two largest property markets.