This is not to downplay the catastrophic impact of the decline in demand in parts of regional Queensland. Far from it.
Sadly some investors (a term used advisedly here) were pushed vigorously by some property advisors into those towns in order to chase fast riches, and are now sitting on capital losses measured in millions of dollars, while rents in some cases have fallen from up to $3000/week to perhaps one tenth of that level, where a tenant can even be found.
With prices rising at an unbelievable and unsustainable pace, developers converted plots in Moranbah which had been worth less than $100,000 just a matter of a few years before, and sold them on at astronomically high prices for a one-industry regional town.
Note how the dates of the most exuberant sales prices of close to $1 million coincide neatly with the peak of the resources construction boom, which finally topped out at an incredible quarterly peak of $33 billion in calendar year 2012 (click to expand).
Revisiting some of the marketing and sales documents pushed by property groups at the time makes for deeply uncomfortable reading today, not least the derisive comments aimed at "so called property property experts" who warned that it would end in tragedy.
Sadly a sweeping range of mining towns across the country from Port Hedland, South Hedland, Newman and Karratha, to Gladstone, Emerald, Bowen, Dalby, Chinchilla and others have befallen broadly similar fates, albeit some of them to a less dramatic extent.
At least with the bulk of resources construction declines fading into the rear view mirror Queensland is now setting about building up its monthly trade balance into a tidy surplus, a trend which is set to continue as LNG production exports come onstream.
The share prices and valuations of the resources index have copped an absolutely hammering since 2012 as production volumes have flooded commodities markets, thereby depressing prices.
And for property investors? I recommend taking a look here at the long run projections for infrastructure and population growth, which should guide you as to where returns can be achieved with a much lower risk. Slow and steady wins the race.