House prices in some Australian capital cities have risen sharply in recent years, especially in Sydney and Melbourne.

It's stirred a feverish debate in the community as to whether prices are in a bubble, and prone to a significant correction. To some, the bigger the price gains have been, the larger they will fall.

While that debate looks set to rage for some time yet, few will disagree that house prices are expensive across many parts of the country.

These charts from JP Morgan underline that point, looking at a variety of valuation metrics to show how expensive house prices are compared to what's been seen in the past.