The Reserve Bank is warning about a housing bubble in Sydney; however, it does not seeme to worry the Prime Minister Tony Abbott who wants to see Sydney house prices continue to rise.
The average capital city house price fell nearly one per cent in May - with a median value of 570- thousand dollars.
Only two capital cities saw increases - Canberra and Darwin.
Prices fell the most in Hobart - where the median dwelling price is now 328- thousand dollars.
Sydney prices declined point- seven per cent - but are still 15 per cent higher.
Treasury Secretary John Fraser told a Senate estimates hearing - the proliferation of renovation television shows can be partly to blame.
He believes they're a sign of the way low interest rates are affecting Australian culture.
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