Housing markets in regional Western Australia: Boom and bust?
Housing markets in regional Western Australia: Boom and bust? Conference Paper
4th Australasian Housing Researchers Conference
- Author(s): Rowley, S., Haslam McKenzie, F.
- Published: 2010
- Publisher: University of New South Wales
Abstract: The resources boom has had a dramatic effect on regional towns in Western Australia. The demand for accommodation from mining companies and supporting organisations has placed severe pressure on the housing markets of many regional towns, both large and small. Resource industry led demand has increased house prices and rents dramatically in some areas resulting in serious affordability issues for communities. In addition a shortage of accommodation has affected employment supply for both the mining industry and local businesses. Of course many residents benefited from an increase in wealth and hopped on the investment property bandwagon. However, with the current economic downturn affecting the resources industries, demand in many regional towns has softened and in some areas collapsed. This paper explores the impact of the boom and potential bust on regional housing markets in Western Australia. Using house price data for Western Australia over the period 1998-2008, the paper will explore how different housing markets have been affected very differently by the boom conditions. The authors will discuss how the current economic conditions have affected these housing markets and how a deepening of the recession could have serious implications for the economies of many towns that expanded rapidly during the boom conditions. The paper will also explore the experiences of two very different mining towns, Karratha and Kalgoorlie-Boulder, discussing how the resources boom has had a very different impact on housing markets and communities in the two towns.
- Urls: https://www.be.unsw.edu.au/sites/default/files/upload/research/centres/cf/seminarsandconferences/2009apnhr_ahrc/papers/Rowley.pdf
- Publisher Location: Sydney