The monthly rate of growth eased in Perth, reducing from 1.1% in April to 0.6% in May.
The lower monthly growth rate is a surprise considering advertised listings trended lower through the month to be down 18% on levels recorded a year ago, while estimated sales activity increased over the month to be roughly in line with levels a year ago.
With a median dwelling value of $555,500, Perth is the most affordable state capital.
Along with an extremely tight labour market and strong economic conditions, the affordability advantage of the Perth housing market should help to keep a floor under housing demand as interest rates rise.
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