Record dwelling construction in Sydney and Melbourne doesn't yet appear to have had much impact on rents in Sydney and Melbourne according to SQM's latest indices.
In Sydney asking rents for houses have moved 4.9 per cent higher over the past year, and have increased by some 31 per cent since mid-2009.
Apartment rents are up by 2.3 per cent over the past year to be 28 per cent higher over the same time period.
Source: SQM Research
The story is similar in Melbourne where house and apartment rents have launched to be 6.8 per cent and 4.1 per cent higher over the past year respectively.
Nationally the inflation figure for rents has been tracking at around two-decade lows, however.
This is largely thanks to weakness in the resources capitals of Perth and Darwin.
In Perth house rents have been trounced to be 22 per cent lower over the past three years, while apartment rents are down by 24 per cent.
House asking rents in Darwin have been through an even tougher patch, crashing 26 per cent lower in only three years.