The West Australian property market is being decimated following the evaporation of the resources boom, with values of $1m+ properties plummeting 20% and the equivalent of more than two years' supply of homes flooding real estate agencies.

In Geraldton, rents have slumped 8% and in the state's northwest fibro shacks that had been fetching rents of $1000 a week are sitting vacant as formerly high-paid mining executives face widespread retrenchment.

Real Estate Institute of Western Australia deputy president David Airey said there had been just 85 sales in Perth's affluent western suburbs in the three months to December, down from 150 the previous quarter and 300 at the same time in 2007. 'Properties ... purchased as recently as a year ago have been listed or sold below their original asking price,' he said.

The Australian