Property market decimated
Sure, if you got in to the resources penny dreadfuls in 2000 and sold out in 2007 then you'd say that the resources minnows and micro-caps are the best thing since sliced bread, but over the longer term the self-sustaining industrials and financials triumph.
Yes, I get the counter-arguments, if you bought a house in Whyalla for $150,000 in 2000 today it "could" be worth double what you paid for it, assuming you can find a willing buyer (i.e. a "when to" investment rather than a "how to" investment).
That said, looking at actual resales of like-for-like properties shows that price performance has not been as smart as suggested by median prices (which are distorted by development).
Unfortunately many property investors hopped on to the mining boom bandwagon around 2012 egged on by seminar groups and promoters, and are somewhat more precariously placed as voluntary administration looms large for Arrium.
Don't get me wrong, I hailed from a depressed steel city myself, and the last thing anyone with a heart wants to see is a single job lost. But the steelworks is not viable, and it appears likely to close without government handouts, and as such the housing market is wobbly to say the least.
Been stuck in my head all week - sorry to inflict...