The negative returns are however confined to detached housing sector.

The three cities were the only capital cities with price declines, while all other capital cities posted a rise or were flat.

Leading the growth is Hobart, at 1.2 per cent for the month, whereas Darwin's prices recovered 0.6 per cent. Perth was flat.

Across the capital cities, detached houses were the weakest performer. Unit value growth continues to outrank detached houses mainly due to affordability.

As conditions slow, the most affordable end of the housing market remains resilient to falls, Corelogic said.

"Despite the surge in unit construction over recent years, the past twelve months has seen unit values continue to trend higher, up 1.9 per cent, compared with a 1 per cent fall in house values," Corelogic head of research Tim Lawless said.

Apartment values hold


While unit values have held up across the major capital cities, there are buying opportunities for first home buyers and new investors in Brisbane. Unit prices in the Queensland capital have fallen nearly 12 per cent since it peaked in 2008.

There is less to gain for Sydney and Melbourne unit buyers, with Sydney unit prices only falling 1.4 per cent since it last peaked in 2017 and Melbourne's unit prices remaining at an all time high.

For detached houses however, new Sydney buyers have plenty to celebrate, with detached house values falling nearly 6 per cent since the last peak in 2017.

Despite the Australian Prudential Regulation Authority's recent decision to lift the ten percent speed limit on investment lending, Mr Lawless said there would not be a new rush of investors into the market.

"It would be intuitive to assume investment activity may lift, however that isn't likely to be the case. In fact, borrowers may face tighter lending conditions as banks focus more on debt servicing and ensuring expenses are more comprehensively assessed and adequately allowed for," he said.

The cooling is also unlikely to pave the way to a major "crash" because the low interest rates will keep a floor under housing demand, Mr Lawless said.

"With the Reserve Bank meeting today, it's virtually guaranteed that the cash rate will remain on hold and the Bank will reiterate a neutral policy stance for the foreseeable future. While the next interest rate move is likely to be up, financial markets are still indicating the first hike won't be until July 2019," he said.