No longer could dwelling prices in regional Australia be driven by rising debt levels to the extent that they had been in the past.
The latest Detailed Labour Force data to February 2015 showed how the two most populous capital cities have created many more jobs since 2007 than their regional counterparts.
On the other hand, regional New South Wales (+20,000) and regional Victoria (+13,000) have not.
Moreover with the mining investment and construction boom having definitively now passed its peak over the past year, the challenges for many regional areas are set to heighten.
It was less than 3 years ago that cashflow investors and analysts were raving about Port Hedland, South Hedland, Roxby Downs, Moranbah, Karratha, Emerald, Gladstone, Blackwater, Zeehan, Chinchilla, promising "at least a decade of growth".
If something sounds too good to be true, it likely is.
Over the past 12 months nearly 50,000 jobs have already been cut from the resources sector (manufacturing hasn't been faring much better, shedding 23,500 positions).
We have seen an unprecedented boom in mining construction and therefore related resources sector employment over the past dozen years or so - but now we should get set for a corresponding resources investment and employment bust, on a scale not previously seen in Australia.
Regional unemployment rising
This is already beginning to show itself in the unemployment data, with the latest figures showing regional New South Wales unemployment rates rising to above 8 per cent, which is gradually set to be reflected in my rolling 12 monthly unemployment rate chart below.