Oversupply in Northern Brisbane?

According to an article in the Australian Financial Review yesterday, there is a glut of new apartments for sale in the inner northern suburbs of Brisbane such as Albion and Hamilton.  In the Reed Construction Data report from July 2011, more than 7660 new Brisbane apartments were either in the market or earmarked for launch before December 2012.  Of these, 44% or 3380 apartments were in the inner northern suburbs.

"The glut of stock has come as sales volumes hit new lows in 2010 but the soften has slowed as prices have readjusted and interstate investors see value in Brisbane property. ... Research analyst Lachlan Walker warned that if the majority of projects were not overwhelmingly successful it would put further downward pressure on buyer confidence."

The article had a nice rendering from the Arden Property development at Albion called Eden.  This is said to be a $215 million residential development, with 3 buildings of six storeys each, for a total of 280 apartments.