QLD con­tin­ues to hold un­en­vi­able ti­tle

Port Douglas & Mossman Gazette - - REAL ESTATE -

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’’.

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