Brisbane home prices plunged the most among Australian capital cities in 2011, as lagging demand weighed on an oversupplied market.An oversupplied market? Wait, where'd the chronic housing shortage go? It's just possible that speculators were holding them. Just like every other bubble.
House and apartment prices in Brisbane fell 6.8 percent last year, according to a RP Data-Rismark report released today.This reminds me that RP Data hasn't issued a new press release since May. What is going on there? Maybe Joye can't bear to write yet another negative press release while simultaneously pumping in the press.
[Queensland] also had more development land in receivership than anywhere else in the country, according to a report by real estate broker Colliers International. The company handled 106 distressed property sales in Queensland last year, more than half of the total across the country, and similar numbers are expected to be put up for sale this year, it said.
I added a page for Australia House Price Declines and Peaks.