Just thought I'd drop in to express my sheer fascination in...

Just thought I'd drop in to express my sheer fascination in watching the great mining-boom-collapse unfold before our eyes. On a personal note I feel warm and fuzzy inside, but I won't apologise for this - it's simply just the way I feel.

The effect this will have on house prices cannot be understated. This has instantly put an enormous dent in the average Australian person's psyche - any whiff of confidence has now been completely smashed. This is the sickening catalyst.

Things are starting to unravel very quickly, particularly here in WA. As the situation deteriorates, the anxiety of property investors throughout Perth and indeed Australia as a whole will become evident. And they will mask their horrid situation with their perpetual words of wisdom.

I will watch with glee as some of these classic one-liners will no doubt be trotted out by the Real Estate fraternity over the coming weeks/months - look out for some of these pearlers:

- "This is not the end of the boom, it's just a pause and deep breath that we needed to have"

- "China isn't going anywhere, and what about India - they're a big country too!"

- "This is just a blip, it's a 30 year super-boom - there was always going to be bumps along the way"

- "This is a fantastic opportunity for the smart investors to acquire even more property and load up big before the next leg-up"

- "Iron ore was never that important anyway"

- "There was never a boom to begin with, so what are you talking about, there is no collapse"

- "Now is the time to think positively. Try to block out all those negative people's comments. Surround yourself with positive like-minded people"

- "House prices won't fall here because we're underpinned by a booming mining econ...uh wait...because we're underpinned by high rents - yes, that's why house prices won't fall"

No doubt there will be some even more creative excuses and manipulative reasoning presented by the various Real Estate lobby groups - they must be working overtime in the boiler rooms to come up with some fresh classics as we speak. And they will certainly need them - particularly here in WA where the number of redundant mine workers returning back home to the East will turn the Nullarbor into a grid-locked traffic jam.

Oh wait - that's a reason why house prices on the East coast might start to rise - we're saved!

Classic stuff.