Australia’s red hot house prices are set to begin cooling.

It comes in the period ahead as several factors, including strained affordability and likely lending curbs, combined with restrained prices according to Westpac Banking Corp.

The bank brought forward its forecast property gains for this year to 15%, from 10% previously,

The data reflects the current surge, while retaining its overall two-year expectation of a 20% increase,

Westpac noted that Sydney prices rose 3.7% last month, with the median property price gaining more than $1,000 per day.