CoreLogic's national home value index found dwellings in the national capital rose 2.6 per cent in July.

Nationally, Australian housing values climbed by 1.6 per cent, as the rate of growth continued to decellerate after hitting 2.8 per cent in March.

The latest data indicates national housing values were 14.1 per cent higher over the first seven months of the year, and 16.1 per cent higher over the past 12 months.

In the ACT, values are up 20.5 per cent on a year ago. It said the median value for a property - house or unit - in the territory was $793,872.

Houses continue to record higher growth than units. ACT houses rose 3 per cent in July to be 23.4 per cent higher than a year ago, and had a median value of $905,325. Units in the territory were up 1.3 per cent and 10 per cent respectively, and had a median value of $520,900.

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CoreLogic research director Tim Lawless said the 16.1 per cent national annual growth figure was "the fastest pace of annual growth since February 2004".

"However, the monthly growth rate has been trending lower since March this year when the national index rose 2.8 per cent," he said.

Mr Lawless attributed the recent slowdown to declining home affordability, as well as the expiration of COVID-related financial support measures.

"On the flip side, demand is being stocked by record low mortgage rates and the prospect that interest rates will remain low for an extended period of time," he said.

Dwelling price appreciation has slowed across each of the capital cities, with Canberra recording 2.6 per cent change in July, while Sydney had the sharpest reduction, with monthly capital gain falling from 3.7 per cent in March to 2 per cent in July.

"House markets continue to record much stronger growth in values relative to units. At the macro-level, national house values are up 18.4% over the 12 months ending July, while unit values have risen by less than half this amount, up 8.7 per cent. This trend where houses are rising faster in value than units is evident across every capital city except Hobart," it said.

"The upper quartile of the housing market has led the pace of capital gains, but is also showing the most visible signs of easing. The most expensive quarter of capital city dwellings recorded a 7.8 per cent lift in values over the three months ending July 2021. While this sector of the market continues to show the strongest performance, it has also shown the sharpest slowdown, with the quarterly pace of gains reducing by -1.4 percentage points since its recent peak in April."

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