“There’s a perception that rents are high now,” one of the country’s most highly regarded bankers tells me. “But rents are going to go through the roof once investors start to recognise that there won’t be significant capital gains from now on.”

This is unequivocally bad news for renters. They’d been hoping that the sharp run-up in housing rents – which are on track to climb by at least 10 per cent nationally this year – might start to abate as the boom in house prices finally shows signs of tapering off.