Economists who drove through a Western Australian town with countless 'for sale' and 'for lease' signs say the housing disaster won't change 'anytime soon'.

Property prices in Mandurah, south of Perth, have fallen 30 per cent since its peak in 2014 and has been dubbed as 'the ground zero for negative equity in the whole state'.

The high levels of unemployment, lack of jobs and drug problems have contributed to the town's declining economic climate.

By Paula Ahillon For Daily Mail Australia

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