Perth housing values accelerated in November, posting the largest monthly gain since March 2021 at 1.9 per cent.
This compared to Brisbane at 1.3pc and Adelaide 1.2pc, which also stood out in the latest CoreLogic national Home Value Index (HVI) with a resilient and rapid pace of growth.
CoreLogic research director Tim Lawless said these three cities continued to show remarkably low levels of advertised supply, while purchasing activity was holding above average levels.
Nationally, the CoreLogic HVI rose only 0.6pc in November, which was the smallest monthly gain since the growth cycle started in February.
Despite this slowdown, the national HVI reached a new record high in November.
After falling 7.5pc from a peak in April 2022 to a trough in January 2023, housing values have bounced 8.3pc higher during the past 10 months.
Mr Lawless said this demonstrated a clear 'V' shaped recovery.
He said while the headline trends had slowed, multi-speed conditions had become increasingly evident across the nation's capitals, with three cities recording a decline in values over the month.
These were Melbourne and Hobart, both down 0.1pc, and Darwin, down 0.3pc.
Growth in Sydney home values slowed sharply, reducing to 0.3pc, which was the smallest monthly gain through the recovery cycle to date.
"With Sydney home values slipping into negative growth over the last week of the month, we could see Sydney following Melbourne's lead, with home values stabilising or dipping lower in December," Mr Lawless said.
"This imbalance between available supply and demonstrated demand is keeping strong upwards pressure on housing values across these markets, despite the downside factors leading to weaker housing market conditions across the lower eastern seaboard.
"The Melbourne Cup day interest rate hike has clearly taken some heat out of the market.
"But other factors, such as increasing advertised stock levels, worsening affordability and persistently low consumer sentiment are also acting as a drag on value growth in some markets."
Mr Lawless said the gap between regional and capital city growth rates has converged, with both the combined national capitals and combined national regionals index recording a 0.6pc rise in values in November.
He said this convergence came after regional markets lagged capital city counterparts through the recovery phase to date.
"While housing values across both of these broad regions found a floor in January, the combined capitals index has since increased by more than double the combined regionals index, up 9.6pc and 4.3pc respectively to the end of November," he said.
Regional Australia's housing values remain 1.8pc below the historic high recorded in May 2022.
