This is the time of the year when the weather warms up, homes go up for sale and buyers flock to market.
But there are some signs things are starting to ease a bit.
CoreLogic RP Data says property values across the country rose 0.9 per cent last month.
The national capital city median house price $580,000.
Cameron Kusher, CoreLogic RP Data Research Analyst says, some markets underperformed.
"It's pretty weak, particularly in Sydney. For September you would expect for this time of year the market to be very strong. We've seen auction clearance rates trend lower for the past couple of months, we've seen listings much higher than they were at the same time last year."
It was strong in Melbourne which rose 2.4 per cent last month to be 14.2 per cent stronger for the year.
Values fell in Darwin, Adelaide and Hobart.
Domain Group's Andrew WIlson says auction clearance rates have fallen in all capital cities except Adelaide, while in Sydney, at under 70 per cent they are at the lowest level so far this year 34
Source: CoreLogic RP Data
CoreLogic RP Data Source: CoreLogic RP Data
"We really are moving to a mid-60 type clearance rate, everywhere, and this means it is a much more balanced market between buyers and sellers. We don't have that interest rate driver anymore, interest rates have been on hold for four months, likely on hold for five months, so that super energy of the markets, particularly in Sydney is certainly running out of steam."
Auction activity will be down this weekend because of the football grand finals and a Monday public holiday in some states, but Andrew WIlson maintains, the hammers will be back with avengance.
"Next weekend we are going to see record numbers of early October auctions in both Sydney and Melbourne, a thousand auctions in Sydney, 1200 in Melbourne, so the tests continue."
Cameron Kusher adds, "Buyers have a lot more stock to choose from than they have for quite some time."
There'll soon be even more new stock to choose from with a record 225- thousand new homes approved to be built this year across the country according to the Bureau of Statistics.
LJ Hooker Double Bay Principal, Bill Malouf says foreign investors are still there across the board.
"Especially in project marketing, if you look at the project marketing area right across Sydney, right across from Penrith to Liverpool to Hurstville to Crows Nest, that has been driven fantastically."
Regency Real Estate Director, Harj Uppal says foreign investment isn't just coming from China.
"We're seeing a lot come from India, Korea and Eastern Europe."
Unsettled global sharemarkets and the potential for higher US interest rates may already be impacting some international property markets.
"Million Dollar Listing New York" reality television star, and New York property agent Fredrik Eklund, who has closed $2billion in residential sales, says he's noticing a short-term slowdown.
"I think it has already changed things in the sense that pricing has stabilised, it started off already in February and March in New York, it stabilised for sure. It's not going up necessarily right now. It takes longer to sell an apartment right now and there are even discounts to be had from the asking price in New York City, but those are such short-term."
