Now it is Prime time to invest in property.

Domain’s Chief of Economics and Research suggested that now could be the opportune time to secure a deal in inner-city areas that have seen a significant drop in asking rent but still have elevated vacancies.

Once international borders reopen, rental demand will spiral, particularly in Melbourne, which has historically welcomed more overseas migrants.

Australia is amid a skills shortage, and a targeted migration approach from the government will be one lever to plug this gap. The return of overseas migrants, international students, and particularly skilled, highly paid migrants will increase rental demand.

This is the first time unit rents have recorded two consecutive quarters of growth in almost five years.