It's not that unusual for a capital city to experience elevated vacancy rates towards the nadir of a cycle.
In outer ring Sydney we saw vacancy rates of above 5 per cent around 2003 and 2004, for example, yet prices are well on their way to all but doubling since that time.
Nevertheless, according to CoreLogic-RP Data sees home values 4 per cent lower than a year ago in Perth, and the bottom is not yet in.
There might be light at the end of the tunnel for the resources capitals.
The seasonal Darwin market looks as though it has already turned a corner with the vacancy rate in the Top End falling to 3 per cent.
But Perth is struggling to absorb a still elevated number of dwelling completions.
Here's what the ABS reports for rental prices, indexed to 100.
That said, there is a record high volume of townhouses, units, and apartments still under construction in Australia, as I looked at in more detail here.