House prices since 1900, page-7

Looks about right to me.
It is Australia, not WA, Sydney was directly opposite to Perth in that period.

The chart highlights quite well, IMO, how property prices fluctuate. A short boom followed by a consolidation period.
Pretty much aligns with what I have experienced in my 20 years following the market.

But I fundamentally disagree with the OP summary.
What they fail to point out is that after the periods of stagnation there tends to be a large jump which averages out to provide reasonable returns.

Not to mention that the for first 80 odd years of the chart, property wasn't a financial investment tool for the masses. It is now, and that won't change.

Plus if you are smart and time your purchases well and invest for the long term you can clean up.

Take the most reason period of 2004-2011, the chart is accurate for Sydney, they were flat during that time, but then well located property doubled in a few years. We made a 40% gain in 18 months. Not to mention that we only put down 10%, making our gain 400% on deployed funds. "Time in the market" is for suckers, you must have some form of "timing the market" as well.

As for now, well we should be seeing falls but we are not.
We have kinda entered the next stagnation period, but ultra low rates for the next decade are going to challenge that.