Part 2/9:
The primary catalyst for the decline in housing prices is the combination of overbuilding and a significant population decrease, particularly following the decline of the coal mining industry. In his interview, local property owner Mr. Lee highlighted that the surplus of housing is a direct result of the diminishing number of residents. As the once-thriving coal mining town saw its industry decline, many buildings that were developed less than a decade ago now stand largely unoccupied.