With the property market rebalancing after the frenzy that kicked off in 2020, we are finally looking at a buyer's market. This means it's time for property investors to look beyond their local area and think about new markets. The bubble might be bursting in the east, but Western Australia is ripe with property opportunities.

"There's a definite trend in investment property purchases. Renovation work is currently in high demand across Perth, and tradespeople are scrambling to keep up," said one renovation specialist.

Compared to the other capital cities, Perth's property has been more volatile historically. That's a natural consequence of an economy linked strongly to the local resource sector. When the mining cycle ended, the property boom did the same and property prices were in steep decline for the better part of a decade. The result? A capital city selling homes for much cheaper than the likes of Darwin and Adelaide. This has invited attention from investors - and as Perth held the pandemic off more effectively than most, its economy has gone from strength to strength.

What's on offer in Perth? There are plenty of stunning suburbs to check out, but the standout for median house prices is Orelia. At just $317,500 and an almost 7% rental yield, it's a great investment option. Just a half-hour drive from the CBD, it's a popular spot for young families, with many parks to choose from.

Balga is another excellent market, with a median house price of $365,000 and a rental yield of just over 6%. It's closer to the CBD and with a growing population, almost a dozen parks, and many young families attracted to the area due to strong education infrastructure, there is a great opportunity for investment.

Another popular area that has attracted young families and seen a lot of growth is Ellensbrook. With a median house price of $432,000 and a rental yield of 5.39%, it presents an excellent investment opportunity. It's a bit further from the CBD than Balga but still an easy commute.

While young buyers have been particularly active in Perth thanks to first-home buyer government support, as the cheapest capital city and high rental yields, it's a boon for property investors, too. The likes of Subiaco and Port Hedland are also excellent options.

The former has a much higher median house price ($1.5 m) but has a competitive rental market. The latter offers a median house price of just $649,000 with a rental yield of over 8%. Cable Beach, Nollamara, and Djugun deserve honourable mentions as excellent investment opportunities with high rental yields.