The recent floods in South East Queensland have impacted a number of homes and left many places underwater.
This will likely cause a short term hit to the market, with a reduction in the number of homes inspected and a hold-off by buyers who feel spooked by the events.
However the Brisbane market is likely to remain strong, given the number of positive drivers that will keep the Brisbane property market resilient. In the immediate aftermath of the Brisbane floods in 2011, we saw some areas take a short term loss, however over the 10-year period from 2011 and 2021, median prices in many of Brisbane's suburbs have doubled.
Brisbane's house prices grew by 22.3% last year - while we are unlikely to see these types of increases this year, we will continue to see the drivers for growth in Brisbane including increased population, re-opened state and national borders, relaxed lifestyles, infrastructure investment, and the Olympic games in 2032.
Insurance premiums for real estate in Brisbane will probably increase, however the market will continue to provide excellent opportunities for investors.
Read the following article by Sarah Webb at SMH for additional details regarding the flood impact to Brisbane's market - How the 2011 floods hit Brisbane’s property market, and what will happen this time (smh.com.au).
