Mr McIntyre, the founder and chief of 21st Century Education, was left almost bankrupt 15 years ago from a failed telecommunications business until he received lifechanging advice from his "millionaire mentor."

Within five years, Mr McIntyre had achieved his goal of becoming a millionaire while still in his 20s. He said recent unemployment figures, which were better than expected, suggested the Australian property market was beginning to recover.

"Low interest rates are obviously the biggest trigger for a property boom, but what was holding the potential boom back was the fear of rising unemployment from the recession, which would cause the market to remain flat," he said. "However, once the unemployment figures come out last month so much better then expected it means this brake is removed to some degree.

"Many don't realise that despite much higher unemployment in the last recession, Australian property prices rose regardless and that was without low interest rates." Mr McIntyre said this latest boom was also triggered by peak rent rates and could last for as long as 18 months.

"With low interest rates and high rents, it's a good time to buy as long as one budgets for rising interest rates," he said. But Mr McIntyre warned Perth property investors not to get carried away with this latest boom and encouraged them to look to other states in the interim.

"The Perth market is not likely to boom like, perhaps, the eastern seaboard as it has had a lot of growth already over the last four years despite a pull-back in recent years," he said.

"Perth has undoubtedly been the best property market for the last 10 years and it will continue to be long term, but it is more exposed to a commodities and resources market and thus is a more volatile market."

MICHAEL WASHBOURNE