The Australia Institute Chief Economist Greg Jericho warns the slight drop in Sydney’s house prices is not a “bubble burster” and is still not enough for some prospective homeowners to purchase property.

Mr Jericho’s insights follow the report Syndey housing prices have decreased by 0.1 per cent.

“Home loan lending is still rising quite solidly which when you extrapolate … that generally leads to higher house prices,” Mr Jericho told Sky News Australia.

“I don’t think we are in the middle of a bubble burster here yet.

"I think what we are seeing is some moderation after pretty solid rises over the past couple of years.

“Most prospective homeowners would be looking at this going ‘yeah, still not enough to make it affordable for me’.”

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