Unfortunately for us investors, the rent has been very stagnant for a long while.
I bought a good rental property in Kew, Melb in 1991. I got $ 760/mth then in rent. Today I get $1080/mth. Both rents were/are at market.
The truth is that it is extremely cheap to rent a place In Melbourne today. Once the interest rates starts to go up and the number of investors go down we should be able to increase the rents to the magic 5% point again.