The Western Australia market has definitely slowed down and there is a no interest rate cut. Mining is one of so many reasons why the market slowed down. Migrants fall and population growth dropped that caused the market declined. But it is just a confidence thing on how to jump back in the ring despite the slowdown.
According to Organization for Economic Cooperation and Development, “They forecasting a 3% growth in our economy next year, thanks to a rise in investment in the non-mining sector and exports, it feared the strength of the country’s property market could result in “sharp connection” in house prices.
Fortunately for Western Australia, mining is not the majority to all regions but there is much more than mining, hence there are a lot of natural resources industries. Despite the rising vacancy rates that about to oversupply, demand to house are slowly returning to realistic in some region especially in Perth. The more expansion in construction it makes the state could possibly showing optimistic signs.