I found a solution which temporarily fixes the problem. It's only temporarily since the problem keeps coming back.
Here's what I have done :
In Finder, press command + shift + g and in the drop-down dialogue box, enter ~/Library
Locate the following preferences files :
- com.apple.internetconfig.plist
- com.apple.internetconfigpriv.list
In Finder, press command + shift + g and in the drop-down dialogue box enter :
/Library/Preferences/SystemConfiguration/com.apple.airport.preferences.plist
Copy the files somewhere as a precaution and then delete them from the Library folder and empty the trash.
Turn Airport off and reboot. Turn Airport back on.
It is only a temporarily fix, so Apple sort this out please! It's very annoying since the problem exists since Lion!