He said as a result there was a very low turnover rate.

“There is such high demand but limited supply. A home we put up [on Wednesday] for sale in Kingsley has had 32 inquiries overnight and the demand for rentals is even worse,” Gilbert said.

A Rental Affordability Snapshot 2022, released by Anglicare WA last month revealed the extent of the rental crisis, stating there was less than half as many private rentals available statewide than at the start of the pandemic.

There was also no affordable homes across WA for those on JobSeeker or a disability pension.

Sustained low vacancy rate have resulted in rents rising to an average of $50 more per week since 2021, capturing more people in housing stress.

In the 12 suburbs with just one rental available, prices ranged from an average of $380 to $660 per week.

Collins said the solution was to increase investment.

“For there to be just a single rental available at any time, highlights how important it is that we attract investors back to the WA market,” he said.

“There is an urgent need for more investors in WA, with fewer than 2500 properties available for rent in Perth and vacancy rates across the state remaining at or near record lows.

“We have some of the most affordable housing in the country as well as a high demand for rentals.

“There is enormous potential for investors to take advantage of the state’s healthy economy and strong property market to secure a low-risk rental.

“If you have been thinking about investing in the Perth property market, the suburbs highlighted on this list would be a good place to start.”

Gilbert said he believed increasing investment would help, but that in needed to be incentivised better.

“Lots of landlords are choosing to sell rather than keep their homes as investment properties due to the restrictions put in place by the government,” he said.

“The majority of people are just mum and dad investors, not interested in looking at their properties from a business perspective and owning an investment property needs to be incentivised rather than made complicated.”

Of the 12 suburbs where just one home was available for rent, five had a sale price below the Perth median of $525,000, three were between $570,000 and $700,000, and four were priced above $785,000.

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But nationally, property price falls are expected to accelerate and become more widespread as buyers face reduced borrowing power and higher mortgage repayments due to interest rates rising.

This is after the Reserve Bank lifted the official cash rate by half a percentage point to 0.85 per cent, the largest one month increase in 22 years.