Let me explain it. Perth vacancy rate 2.5 and falling. approx 150 people a day coming in. What do they do. They rent until they work out if they want to stay or move. So demand is increasing through migration. Lack of confidence, younger couples unsure of buying so lets rent. Multiple applications at each rental. Supply side, building activity down, lending to investors down so no big increase in supply. Investor sweet spot, increasing rent, little competion. Sentiment hold or buy. Eventually rents are so high that it makes more sense to buy or investors come in. Rising supply, prices up. Sentiment sell. Repeat cycle over again.