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I’ve stayed out of SEQ for the last few years while areas of Sydney were comparatively cheap but the GC is looking attractive again. In Southport alone, there are 277 two bed unit ads listed for sale on realestate.com.au which is very high and seems to be having some downward pressure on prices...

I'm mostly familiar with the Gold Coast. Suburbs like Southport have RP Data reporting an 11% drop in units in 09 against 08. I suspect this is largely due to greater sales of new developments in 08 but certainly there were a lot of resales last year at significantly lower prices than when new...

Yes, QLD holiday time :) Seriously though, South East QLD market tends to be a couple of years behind the Sydney cycle and prices are definitely down there at present. The data for 09 shows some pretty depressed prices for some segments.