Exactly! Perth property prices have slowly dropped over the last decade and will still drop further in my opinion.
But there isn't any real bargains that would make you go out and buy one as most areas have dropped by around 10%
Even though numerous apartment blocks are being built in every inner city suburb and the market is flooded with them but the prices don't seem to be reducing much. I wonder who actually buys these overvalued apartments?
You are completely correct on wages they have been plummeting in mining even though they say in the media mining is booming again. It just seems to be getting worse with wages recruitment companies just seem to be offering less and less, and they are even starting to screw us on superannuation by only paying based on a 38 hour week as apposed to all hours worked. Not to mention with things like the driver-less trucks being rolled out across the mining industry its another high paying occupation that wont exist anymore.
There is definitely more downside risk as to upside potential with buying property in Perth because of less paying casual jobs, plenty of more housing supply and the likelihood of interest rates rising.
