I am definitely in the pessimist camp – especially about Perth. Scanned the web for an IP but was shocked by what you get for the price. Gut feel is it is due for a correction. Remember the 10 year resource supercycle? was more like 3 years and the global recovery looks very shakey.

I live overseas but visited Perth recently and spoke to a mate who works on Gorgon. He pointed out the vast bulk of the engineering work is being carried out overseas. Thats the high end design work and fabrication of advanced equipment to be shipped modularly to Australia. Onsite of course is a vast horde of boilermakers and sparkies to put it all together. That puts things in perspective.

Buyer be veryware!