I think it's crap that people can say "I could see there was going to be an oversupply" because it really depends on timing. If you bought into gladstone, Mackay, chinchilla or even brisbane inner city apartment market years before, how would you know that two years down the track a developer would put in a application with the council to build a thousand properties.. Yes if the application was in or the development had been started and it was obvious this would flood the market you are an idiot.
While I'm on the subject a heads-up for SS members I have heard south cairns has a 18,000 property development planned.. So expect a massive oversupply up there in the next few years.