Lived in Perth my whole life, the panic buying by 20-30 year olds has been insane. It's been driven by the low end of the market. It's also meant downsizers aren't getting enough of a cash grab to justify the move from a large family home to a smaller one, so they're all parked up in 4-5 bed homes with no kids. A lot of young ones I know are already struggling to pay interest alone, all as the outlook in mining is starting to turn on the back of China struggling. Outside of mining/energy, the white-collar job market in Perth isn't great. Personally, expecting a swing in Perth -> Melbourne with better paying jobs for those in their 20s.
