From The Oz:
MIRVAC Group has wiped $273.2 million off the value of its development projects on the back of weak conditions in Queensland’s apartment market.
…Mirvac said that sales and prices in parts of Brisbane, regional Queensland and Perth had either fallen or stagnated.
“The 2012 spring and summer sales season was expected to provide evidence of a recovery. However, this has not materialised,” Mirvac said. “The Brisbane and regional Queensland apartment markets have experienced deterioration through greater price discounting, particularly to mid to high end products.”
Given the soft housing conditions in the past six months, future predictions on when the property recovery would occur and how strong it would be had changed, the company said.
