A spike in weekly rent prices.

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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.

Source: Domain.com.au - TAWAR RAZAGHIT - 10 Oct, 2019

Regarding Perth.

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.”