Migrants will go elsewhere - you just have no idea sunshine. They are coming here because it is a booming economy, because they have skills , because they are needed and the govt is letting a select few in , the vast majority who want to get here can't. You think its that easy to migrate where you wish - that is not the real world.
Prices will not go down because you believe they should.
Hey Karl Aurelius Marx - a cashed up migrant does not need a credit rating? Your ideological position is quite out of step with reality. Just get real!
As for Perth I challenge any of you to find a good Ocean side property , 4x2, ocean side of Marmion , all the way up to Jindalee for under $500,000 - want a good one pay $600,000 plus and migrants are coming in and paying cash for them. If they have a job, with good income , massive deposit and not fully cashed up credit is a formality.
Not until you hunt for a house, you see its not like buying BHP shares,BHP shares are all the same, houses aren't, and a computer will not describe it until you see it etc. Then when there is a good one, the price is reflected in it and it blows your median price out of the water. You might find a cheapie that was rented out to some skanky tenant who did not look after it, hence value down. Houses in a given area are not generic and trying to generalise on the basis of one anecdotal instance is just a reflection of the poor comprehension of how this asset class operates. Try as you will there is no accurate way to assess property, and good property in any given suburb even less.
