We are starting to see increases in rent too, a decrease in the time it takes to find a tenant, and the lack of properties available. If this continues, it should influence property values.
Perth’s rental market had strengthened due to steady population growth and a complete drop-off in residential construction, Ms Owen said.
House rents have increased 5.7 per cent to $370 in the past year. Despite seeing the second strongest rent rise in the country, it remains the most affordable capital in which to rent a house.
Meanwhile, unit rents have increased 3.3 per cent in the past year to $310.
“The Perth market has been very subdued for a very long time,” Ms Owen said. “It’s a result of continued steady migration against a lack of investor interest.”