The Perth property market is continuing to tank amid signs the value of homes across the nation are struggling even before banks consider lifting mortgage rates.

Figures from CoreLogic this morning showed Perth house values edged down another 0.5 per cent in June to be down 1.7 per cent through the 2017-18 financial year.

It was even worse for the units sector, with Perth values dropping by 0.9 per cent last month to be off by 4.4 per cent over the past 12 months.

Nationally, both Sydney and Melbourne house values fell by 0.5 per cent while they edged down by 0.4 per cent in Canberra.

Sydney house values have tumbled by 6.2 per cent over the past year while in Melbourne they have edged up by 0.2 per cent.

Darwin was the nation’s best-performed capital city market, up by 0.8 per cent in the month, while over the past year Hobart values have strengthened by 13.8 per cent.

CoreLogic research director Tim Lawless said homeowners or investors expecting the market to turnaround through the rest of the year were likely to be disappointed.

“Tighter finance conditions and less investment activity have been the primary drivers of weaker housing market conditions and we don’t see either of these factors relaxing over the second half of 2018,” he said.

Some of the nation’s smaller regional banks have increased their mortgage rates by up to 0.1 percentage points in recent weeks on the back of tighter international lending conditions.

Mr Lawless said if this spread to the big four banks then prices might fall further.

“Should widespread increases to the cost of debt occur, we would expect this could place additional downward pressure on housing market conditions,” he said.

While most regional parts of Australia have enjoyed increases in property values, WA has not.

The worst-performed regional area in Australia was WA’s Wheatbelt with values slipping 7.1 per cent through the financial year.

The southern outback area of WA was also among the worst-performed, losing 4 per cent.