Sellers in Sydney and Melbourne waited on the sidelines in April, says Louis Christopher, managing director of SQM Research, as they saw out the holiday period, expecting prices to resume moving higher afterwards.

In April, Melbourne and Sydney listings plummeted 15.2 per cent and 12.7 per cent respectively.

But asking prices continued to rise strongly during the month, suggesting optimism still abounds, and in contrast to CoreLogic's April data, which showed flat to declining results, fuelling speculation the surging eastern-states markets have peaked.

"Underlying property demand remains very strong in Sydney and Melbourne, with population growth rates high and interest rates still low," wrote Christopher in his newsletter which came out this morning. 

"Combined with strong local economies, these factors are working together to drive property prices higher," he said.

"Contrary to recent reports of a slowdown taking place, I see no signs of a slowdown in either Sydney or Melbourne," said Christopher. 

Christopher also highlighted Canberra prices for future growth potential.

"Canberra property prices have also picked up, which we expect to continue through the second half of this year," he wrote.

Source: SQM Research.

The SQM Research Weekly Asking Price Index showed a rise of 10.6 per cent in the asking prices of houses in Melbourne for the week to 2 May, making a 14.5 per cent rise for the year. 

In Sydney, the SQM Research Weekly Asking Price Index for houses rose 13.2 per cent for the week to 2 May, and 15.5 for the year. 

In the beleaguered Perth market, listings and asking prices were down for the week and the year.

Source: SQM Research.

Read more about the latest moves in real estate prices:

Sydney property prices down: CoreLogic

Growth in property prices gathers pace

Property prices at cyclical high: CoreLogic

Economics, not investors, driving house prices, says REIA