The days of rapid home price rises are over.
"While there was a time when home values doubled over a 10 year period the data suggests that the days of such rapid value rises are behind us," CoreLogic RP Data research analyst Cameron Kusher said in a report on Thursday.
Record low mortgage rates have failed to spark any substantial home value growth outside of Sydney and Melbourne, he said.
"With little wage growth and ongoing economic uncertainty, it is clear that in most areas of the country there are limits to what people can pay for housing."
As a result, there has been little momentum in prices outside the two major centres.
"Even in Sydney and Melbourne value growth has been substantially lower over the past decade than over the previous decade," Mr Kusher said.
On average over the past decade, average prices in the state and territory capitals have risen by 72 per cent, compared with a 152 per cent rise in the preceding 10 years.
In the decade to January 2006, all capitals except Darwin posted gains of more than 100 per cent, that is they more than doubled.
But in the decade to January this year prices doubled only in Melbourne - and then only just, with a 101 per cent rise.
"Based on this data, the most recent decade of capital city home value growth has been half that of the previous decade," Mr Kusher said.
And, looking at the movements in prices over the past five years, it seems unlikely that any of the capitals will have recorded a doubling in prices over the decade ending five years from now, he said.
HOW MUCH HOME VALUES ROSE IN THE 10 YEARS TO JANUARY 2016 (AND THE PREVIOUS 10 YEARS)
Sydney: +78 pct (+138 pct)
Melbourne: +101 pct (+168 pct)
Brisbane: +44 pct (+150 pct)
Adelaide: +42 pct (+152 pct)
Perth: +45 pct (+175 pct)
Hobart: +17 pct (+162 pct)
Darwin: +75 pct (N/A)
Canberra: +48 pct (+149 pct)
Source: CoreLogic RP Data
