A flood of money out of China in the last six months means it may be too early to call the top of the property market.

That's the view of Goldman Sachs chief economist Tim Toohey, who believes policymakers may still be constrained by a build-up of financial stability risks as a result of rising property prices.

The latest housing data is likely to continue to show that the composition of lending has shifted - as desired by APRA. Credit:Erin Jonasson

"One of the surprises is that we haven't actually slain the dragon," Toohey told clients at the investment bank's annual macro-economic conference.

"Private sector capital outflows actually accelerated late last year. We're just not sure what impact it has had on house prices, commercial property and other asset classes, or what happens next."