But year-on-year figures published by the CoreLogic RP Data Home Value Index put Canberra behind all but two capital cities – Perth and Darwin – with a 1.2 per cent increase in capital growth when compared with the previous July.

Across Australia, capital city values have increased by 8 per cent since January 1, and 11.1 per cent compared to a year earlier, largely due to surges in Sydney and Melbourne.

Sydney and Melbourne have recorded growth of 12.7 per cent and and 10.7 per cent so far this year, while Perth and Darwin have continued to fall in price – dropping 2.8 per cent and 2.3 per cent respectively.

Back in the ACT, Canberra recorded stronger 2.3 per cent growth in the past quarter – the third biggest increase behind Sydney and Melbourne.

CoreLogic head of research Tim Lawless said Australia's capital cities had seen "remarkable differences" over the growth cycle to date, which broadly began at the end of May, 2012.

"Since that time, dwelling values across our combined capitals index have increased by 30.4 per cent," he said.

"Sydney values are 47.9 [per cent] higher over the current cycle and Melbourne values are 32.1 per cent higher, while every other capital city has seen growth of less than 13 per cent over the same period.

"This highlights the extent to which Sydney and Melbourne markets have outperformed other markets over the past three years."

CommSec chief economist Craig James said inflation remained under control, despite property growth in Sydney and Melbourne.

"Inflation remains under control, allowing the Reserve Bank to leave the cash rate at a record low of 2 per cent," he said.

"Prices are certainly not easing into deflation territory, but nor are they indicating a potential inflation problem down the track."

Meanwhile, rental yields in the territory rose to 4.1 per cent for houses and 5 per cent for units in the year to July – above the average for Australian capital cities.