The ANZ and Property Council Survey showed the dip followed a strong performance by the capital for the preceding 12 months, ACT Property Council executive director Adina Cirson said.

"This survey shows an amber light after a sustained period of green lights. Canberra is one of the worst performing markets, second only to NSW," Ms Cirson said.

"The latest survey is sending some mixed signals and they should be watched carefully."

According to the survey, the ACT recorded a negative shift in sentiment but remained in a solid position. The report said the fall was due to expectations on house prices. The property council said it supported the view that "house prices are set for a sustained decline".

"Indicators such as forward work schedule expectations have dampened this quarter, dropping well below the June quarter high which had us leading the nation," she said.

"We are now seeing a levelling of these labour expectations, but there is still a decent confidence in hiring more staff, and that their financial outlook continues to hold."

The survey also found ACT house price expectations were still more buouyant than elsewhere. About 46 per cent of industry people surveyed in Canberra still think house prices will increase in the coming year. By comparision 37 per cent of respondents in NSW and 24 per cent in Victoria think house prices will fall.

Ms Cirson said the survey found a mostly positive outlook for housing, retirement living and industrial, while retail, now negative, office and hotel, and tourism capital values had dropped.

She said retirement living growth expectations were leading the nation, saying there was an urgent demand for retirement living chocies to match the increased growth of the ACT’s population.

"We remain concerned that demand is outstripping supply in the retirement living sector," she said.

"The ACT is one of the fastest growing regions in Australia ... our housing mix needs to cater for the future needs of our city, including a better approach to managing density which will be critical to long-term planning for our future residents."

The Canberra industry also expects a significant slowing in residential construction in the coming year although a faster pace of construction of offices.