House price growth in Sydney and Melbourne is set to halve in the coming months, says HSBC chief economist Paul Bloxham, the latest economist to have a stab at when the property market might come off the boil.

Following a lull over Christmas, Sydney and Melbourne house prices grew 13 per cent and 14 per cent respectively year-on-year in May, and have pulled the national market to an average year-on-year growth rate of 10 per cent.

But Mr Bloxham expects tighter lending standards, an oversupply of apartments and the recent taxation of foreign buyers to ultimately weigh on the market and forecasts national growth to slow from 9 per cent in 2015 to about 4 per cent to 5 per cent in 2016.

In 2017 house prices will be growing at a rate between 0 per cent and 5 per cent, says Mr Bloxham.