Property boomtowns turn to bust
HOUSE prices in cities with high exposure to mining, manufacturing and the car industry are expected to stay flat for up to a decade, according to a leading property researcher.Residex chief executive John Edwards said Perth property prices would stagnate after more than doubling in the past six years.
The city would revert to being the country’s fourth-most expensive behind Sydney, Melbourne and Brisbane after taking second place during the mining boom.
In the West Australian mining town of Kalgoorlie, real estate agents were already reporting significant price falls, reports The Australian.
