Bottom falling out of Australia's Mining town real estate..?

Regulation 3 x 1 or 4 x 2 houses in Port Headland (WA) were being rented as little as a few months ago for around $2,000 a week. Plenty of people being told it was easy money and to borrow up and pay around a $1m for a positive geared property - plenty of people have done that. Those same houses are at about $1,200 to $1,500 a week now. Positive to negative gearing can occur quickly and the value is dropping out of the market.

My opinion is this is very beginning in WA - more to follow.