Two interest rate cuts this year have seen a reacceleration in the booming Sydney and Melbourne property markets, but have not been enough to stop falls in Perth and Darwin.

The widely watched CoreLogic RP Data home value index for the nation's capitals jumped 2.1 per cent in June, leading to a 9.8 per cent rise over last financial year.

However, the results again showed a great divergence between the booming large east coast capitals and sagging mining-dependent cities, with the rest stuck in between.

A 2.8 per cent jump in June saw Sydney prices reaccelerate to a 16.2 per cent annual rise, while a similar monthly rise in Melbourne saw its annual growth back in double-digits.

On the other side of the ledger, though, Perth property prices eased 0.4 per cent last month and are now down almost a per cent over the past year, while a 3.9 per cent slump for Darwin in June dragged its annual property price movement firmly into the negative.

When asked whether the property markets in these two resources-exposed cities may worsen further over the coming year, CoreLogic RP Data's senior research analyst Cameron Kusher replied, "definitely".

"We're seeing rental rates fall, we're seeing the time it takes to sell a property increase, we're seeing sales trending lower and we're seeing a lot more stock on the market than at the same time last year," he said.

"It does look like there's going to be some ongoing weakness in both those capital cities over the next 12 months, if not longer."

Sydney, Melbourne price surges 'lend weight' to bubble concerns

While the fall in home prices out west and up north would be worrying property owners in those areas, national policymaker attention is currently focused on the financial and economic risks generated by rapid price rises in the south-east corner of the country.

Treasury secretary John Fraser stirred the pot early last month by saying there was "unequivocally" a property bubble in Sydney and parts of Melbourne.

Later in June, the Reserve Bank governor Glenn Stevens added fuel to that fire by describing parts of the Sydney property market as "crazy".

Cameron Kusher said today's data "definitely do lend weight to those concerns", with the Sydney market now booming for more than three years.

Mr Kusher said Sydney's most recent comparable boom in 2001-04 saw steeper price increases, but only ran for three months longer than the current growth phase in Sydney.

"The longer you continue to see this rapid rate of appreciation in values, then you create potentially more problems for yourself down the track," he warned.

Another sign of rampant property speculation is the continued fall in rental returns to investors.

Nationally, rents have only increased by an average of 1.1 per cent over the past year, with no city seeing rental growth above 3 per cent.

Further investor loan restrictions likely 'down the track'

Mr Kusher said the combination of minimal rent rises and surging home prices in the two biggest cities have seen Sydney and Melbourne rental yields fall back to record lows.

"It does suggest that a lot of these investors that are coming into the Sydney and Melbourne housing markets simply aren't thinking too much about that rental return, the focus is that capital growth," he said.

Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume. Watch Duration: 7 minutes 21 seconds 7 m First home buyers rush to investment properties to beat high prices

"As we know from many times in the past, that capital growth won't be there forever."

Credit figures released by the Reserve Bank and the Australian Prudential Regulation Authority (APRA) yesterday also suggest that many banks are ignoring limits imposed on investor lending by APRA.

The regulator wants to see banks restrict growth in loans to property investors to 10 per cent per annum, in an effort to cool the market and reduce risks to the financial sector.

However, the latest data showed that investor lending is still growing above that ceiling.

Mr Kusher said that, combined with the continued rise in Sydney and Melbourne prices, makes further action very likely.

"What we're seeing is a lot of warnings and jawboning from the regulators, but people don't simply seem to be heeding those warnings at this point in time," he said.

"Maybe that will result in even tighter lending criteria for investors down the track."