I can only speak about Perth with specifics/observations.
Here we are supposedly the centre of the biggest resource boom ever. Presumably we are being flooded with cashed up professionals from all over the world, desperate to buy.
Yet there is a historical record of houses on the market. The rental vacancy rate is above equilibrium. Prices are falling, and these falls are accelerating(falling heavily in the high value suburbs, as many bulls admit, even though these are "sought after areas" as you describe). Mortgage applications are down (leading indicator). Property developers here are begging for stimulus from every level of government. Every street has for sale signs on it, in suburbs expensive and not.
The above are my direct observations of things in this city at the moment. Eastern states people may dismiss Perth, but under the typical bull arguments for property, it should be outperforming all others, no?
