MIRVAC Group has wiped $273.2 million off the value of its development projects on the back of weak conditions in Queensland's apartment market. Queensland represented 72 per cent of the provision, and Western Australia, 27 per cent, the company said. Mirvac said that sales and prices in parts of Brisbane, regional Queensland and Perth had either fallen or stagnated. The 2012 spring and summer sales season was expected to provide evidence of a recovery. However, this has not materialised," Mirvac said. The Brisbane and regional Queensland apartment markets have experienced deterioration through greater price discounting, particularly to mid to high end products. Given the soft housing conditions in the past six months, future predictions on when the property recovery would occur and how strong it would be had changed, the company said. Writedowns to other projects, such as Burswood in Perth, were project specific, Mirvac said. The writedown was undertaken following a regular review of the company's development projects. Chief executive Susan Lloyd-Hurwitz described the cuts as disappointing. "The majority of the projects impacted today were initiated when the world was a very different place with significantly higher growth expectations," she said. As a sector we have shifted to a new environment of lower growth and it is our responsibility to ensure that the capital we invest going forward reflects this new paradigm. However, Mirvac reaffirmed its operating earnings guidance of 10.7 cents to 10.8 cents per stapled security and its distribution guidance of 8.5 cents and 8.7 cents per stapled security. Shares in the developer were down 1.75 per cent at $1.57 in afternoon trading.