China's National Bureau of Statistics says new home prices in the country rose at a record pace in October. 69 of China's 70 major cities saw their new home prices rise year-on-year in October, despite government curbing measures.

Average prices across the cities also grew by a record 9.6 percent in October, marking the tenth straight month of year-on-year increases. First-tier cities Beijing and Shanghai saw their own record price spikes, rising 16.4 and 17.8 percent, respectively. The continued growth has led some cities to tighten their property controls further.

But as our reporter Michelle Xing discovered, some analysts believe China’s hot property market could soon cool off.

Home prices in China’s major cities climbed in October. Growth was particularly strong in first tier cities. Going forward, property analysts expect a more moderate growth momentum with demand mostly driven by end-users rather than investors.

Reporter: "China’s new leadership are determined to let the market play a more decisive role in resource allocation. Which for the property markets implies that regulations will be shifted gradually from demand-side administrative curbs to supply side market measures, which analysts say will help restore the equilibrium between supply and demand."

7 of the 60 point reform plan will likely impact China’s property market. Property tax seems around the corner but execution is the key.

"It is clear that government will roll out national property time, it will take a while logistically given the scale of the market. There is no major reaction given many people are expecting it, it’s just a question of the form it takes and the time." Chris Brooke, executive managing director of CBRE, said.

In addition, more regulations to deal with idle land are in the pipeline. The reform package urges improved land-use efficiency and controlling the supply of urban construction land. First-tier cities are boosting residential land supplies in their latest property rules.