"Early in the cycle, it was very much the markets described as 'lifestyle' regions that led the capital gains,"the report said.
"Coming into the pandemic, Perth's median dwelling value was the second lowest of any capital city (after Darwin),"the report said.
"Investor demand has generally been weaker than average across Victoria, reflecting the stronger growth prospects in other markets that were more attractive to investors,"the report said.
"Rental trends have been losing pace as affordability challenges become more substantial for renters, the average household size gradually rises and overseas migration normalises,"the report said.