Did you actually understand what the previous boom was all about? No need to be patronising; I'm just wondering out aloud what it will take for the Perth residential property market to turn around. Because it seems to me that a five year plus slump might well be what the other capital cities are all in for too.
It's often labelled a "Mining Boom", but it was actually a "Mining construction boom". WA is digging more dirt today, they just don't have 50,000 (what ever the number) people working on various new projects building all sorts of crap not involved with actual day to day mining production.
Do you think the banking system would survive that long, slow bleed of capital? I don't, I think taxpayers will have to socialise the losses.
Migrants still need a roof over their head and if you take time to read the immigration requirements, money is something they must have, the older, the more you must have.
Middle professional sector salaries world wide have been parallalised or even in decline.
You only need thirty grand to get a course that will lead to residency, it's a multi-step process.
It's still a lot more than that! Where is the migrant coming from? Sure, $30k might be the cost of the study component, but they have to pick a field of study that can lead to residency, some cost much more than that. In order to 'stay' at the end of their study the migrant also needs a permanent job in their field. Know how hard it is to get a permanent job in a relevant field when you are holding only a temporary visa?
On top of the cost of the study component, there are also the day to day living expenses during that study period.
Dependent on where the student is from, there is still the need to pass IELTS (or similar) to a minimum level 6 in each category - especially for those studying in fields like economics, accounting, teaching, anything relating to patient contact like medicine, dentistry, nursing, even social work and counselling.
The cost of the testing and the associated tutoring for IELTS can also easily top multiple thousands. For those of us here who have never had to sit an IELTS, to get a 6 score in each topic is a task that many posting here could simply not achieve.
The worst bit is, the testing is done over something like six hours IN ONE DAY, and when you receive your results the only feedback you get is 'comprehension 5.5' or 'written skills 5.0' with no advice of what you did well, wrong or otherwise.
The candidates are given no advice on how to improve, and their submissions are not returned.
It's just 'pay your tutor some more' then 'pay us again to re-sit', 'good luck'. I would be very surprised if even native speaking candidates from English speaking countries pass IELTS to a level 6 first try, few such would pass it on their second.