QLD continues to hold unenviable title
QUEENSLAND is maintaining its unenviable title as the Australian state with the highest proportion of distressed commercial assets hitting the market. According to a new report, almost 50 per cent - 395 - of the 816 distressed properties advertised for sale nationwide in 2012 were in the Sunshine State. The latest Colliers’ Insolvency & Distressed Assets report says the number of distressed assets continued to climb to record levels last year. In Queensland, the figure rose by 3.5 per cent on the previous year, when there were 382 distressed assets on the market from a total of 777. Overall, the number of listings of distressed commercial assets across the country increased by 5 per cent, fuelled by a record number of companies collapsing. According to ASIC, 9902 companies collapsed in the year to November 2012. Stewart Gilchrist of Colliers’ insolvency property services said it was likely ‘‘we’ve seen the peak of the insolvency property cycle in Queensland’’.