I am not seeing any signs of Brisbane overall being oversupplied, but a few certain submarkets around the city do look like heading that way at some point.
I guess it's inevitable with urban sprawl, but I see it as a real shame developing this land.. Waterworks Rd up to Mt Nebo is probably the best cycling route out of Brisbane (enjoyed respectfully by car enthusiasts and motorbike riders too).
The land around here is amazing, great views, wildlife, fresh air, and very little traffic at the moment.. not for long, sigh
Would be a great place to buy into provided Waterworks Rd can handle the additional traffic, which I doubt.