A global investment bank has called the end of Australia's world record housing boom, saying the golden years are "officially" over after home prices fell in Sydney for the second month in a row.

"There is now a persistent and sharp slowdown unfolding", ending 55 years of unprecedented growth that has seen home values soar by more than 6500 per cent, UBS economists wrote in a note to clients on Thursday.

Home prices in the capital cities have continued to slow on a quarterly basis, weighed down by tighter lending requirements for property investors and banks' out-of-cycle raising of home loan rates.

In Sydney, home prices fell 0.6 per cent over the quarter and were down 0.5 per cent over the month, figures from property data group Corelogic showed on Thursday morning.