I agree 88. Fwiw, although the resource exploration has picked up and getting back to normal levels, if there is to be any joy in the WA economy, it won't be for a couple of years.
The east coast is beginning to feel the pain the west has for the past 4 years or so. It will get a lot worse in Sydney and Melbourne, however, I feel that Perth has had its major property decline and may just bubble along the bottom for a few more years.
Unfortunately, the WA economy and property prices are experiencing a double whammy now the banks have been told by APRA to curb lending and cut interest only loans. Many will have to convert to P&I loans, pay out, sell or default !
The immediate future for Australia imo is bleak and I am certain that Sydney and Melbourne home investors will suffer considerably and overcommitted home owners will also find themselves under increasing financial pressure. This will likely result in a cascade of forced sales and be likened to the US sub prime fiasco.
