The Swan River in Perth (Image: AAP Image/Richard Wainwright)

Sometimes you need to buy the dip. That’s the lesson of markets. Stock markets have proven it recently. But Australian property has given us few opportunities to put the idea into practice, eschewing dips for regular fresh highs.

That is except for one place: Perth’s housing is well below its peak, and that peak was a long time ago.

This graph shows the story since the peak, but Perth’s weakness goes even further back. The median property price in Perth has failed to keep up, ever since the mining boom began to ebb.