Despite severe flooding in south-east Queensland, the property market has proven its resilience, with continued interest from interstate and overseas buyers.
Even homes in Brisbane’s flood-prone areas, which experienced full inundation, typically recover in value over time. Historical data indicates that median prices in affected suburbs doubled between 2011 and 2021.
For example, Graceville and St Lucia saw small dips in median house prices after the 2011 floods but rebounded dramatically, climbing over 100% by 2021. West End recorded a 7.5% price rise in the year after the floods, well above the city average.
Domain research head Dr Nicola Powell explains that short-term losses are likely for individual properties, but the long-term market remains solid, driven by land value and buyer demand.
PRD economist Dr Diaswati Mardiasmo adds that the Brisbane property market has shown consistent long-term growth, even in flood-affected suburbs, with strong future prospects as the city prepares for the 2032 Olympics.
(Source SMH) (worth sharing)