Once upon a time, there was a mining town (which we shall call "Perth") where the overlords discovered some metallic soil that can be sold to the Chinese.
It was called the "Wild West Iron Ore Rush".
Then everyone started coming over to dig the same stuff from the ground to sell to the Chinese, causing the "Great Iron Ore Glut".
The home builders thought, more will be coming over to dig more and more dirt, so they decided to build more houses for these future dirt-diggers.
The builders thought, "property always goes up," being the "Golden Rule of Property".
But these builders did not realise the dirt diggers were cannibalising each other.
And so as the dirt diggers succeeded in eliminating each other, the builders had no-one to sell their houses to, nor no-one to rent out their properties to.
It then became known as the "Great Perth Housing Glut".
So the remaining dirt-digging renters and housecavengers lived haplessly ever after.
