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The Pilbara mining region of Western Australia is arguably the most volatile property market in Australia, experiencing massive booms and busts as the iron ore market rises and falls.
After commodity prices collapsed in 2012:
Asking rents for houses in Karratha fell by around 70% peak-to-trough, from around $1500 a week in late 2012 to around $420 a week:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.