My observations are most specifically on Denmark, where my gf's family has a vacation house. There are literally for sale signs on every fifth house.
From the news I also know that the South West of WA has one of the highest mortgage delinquency rates in the country.
After the boom ended Margs got hit the worst, and didn't even have that stimulus driven bounce back that most of the country had.
Perth's down 7.5% nominal, 10.4% real in a year. If that is the losses people are willing to take on their primary residence in many cases, imagine how bad it may continue to get in the south west, where it is primarily second homes?
If you are making an offer down there I would low ball them like crazy. As even the bulls will admit, areas like this get hit hardest.
