±JOIN OUR NEWSLETTER
±Compare Expat Providers
±Expat Focus Partners
±Latest Financial Articles
· Expat Focus Financial Update April 2018
· Expat Focus Financial Update March 2018
· Moving Abroad, Before And After Brexit
· Expat Focus Financial Update February 2018
· How To Navigate Brexit When Sending Money Abroad
· Expat Focus Financial Update January 2018
· Top Tips for Buying a Property Overseas in 2018
· Expat Focus Financial Update December 2017
· World Events And Currency: Why Politics Affect An Exchange Rate
2011 Floods and the Brisbane Property MarketBack to top Back to main Skip to menu
2011 Floods and the Brisbane Property Market
Since 1974 the population growth in South East Queensland has been enormous, as has improvements to infrastructure. Things have been ticking along nicely despite the GFC. In fact, with the mining industry booming here we have been expecting big things in Queensland over the next few years.
The first images of the 2011 floods flashed onto our television screens on Monday last week when footage of tsunami like waves were seen pushing cars like boats down rapidly flowing rivers that were, minutes before, Toowoomba streets. Toowoomba is a regional Queensland town, approximately 100kms West of Brisbane, and high up on a mountain. Much of the devastation occurred in this area along with the Lockyer Valley down the hill from Toowoomba. It has been a very sad time for many of these Queenslanders.
Back in Brisbane on Wednesday it was evident the Brisbane River was going to flood, due to the fact that rainfall levels had been beyond expectations for weeks on end, and our dams were well over ideal capacity levels. People in low-lying areas were told to expect major flooding and prepare by removing their possessions and evacuating their homes.
Whilst the flooding affected 11,900 homes many of these were situated on the banks of the Brisbane River or in close proximity. The flood water has since subsided, in the majority of these areas, quite quickly and the big cleanup has been supported by many volunteers from surrounding regions like the Gold Coast and Sunshine Coast, who were unaffected by flooding.
The Australian Bureau of Statistics estimates the population of Brisbane, as at 30 June 2009, to be in the vicinity of 2 million people. As at the 2006 Census, Brisbane’s number of households was 641,039. This indicates only a very small portion of Brisbane homes were flooded in 2011. This may come as quite a surprise to those overseas residents who heard about the flood situation via the media. Yes it has been devastating to those whose homes and families were affected and there have been major repercussions across Brisbane and the rest of Queensland in terms of power supply, damage to businesses, ruined crops, transport logistics, supply of some food items, but there were also many residents whose homes and businesses did not experience any flooding at all.
Another important factor to note is that there have been only 3 major floods since colonisation. The first occurred in 1893, followed a long time after, by the 1974 flood. In 1974 major flooding was a result of many weeks of heavy rain culminating in Cyclone Wanda hitting the Queensland coast. At that time too, Brisbane did not have the number of dams it has today.
Arising from the flood it is apparent that there will be some short to medium term upward pressure on the cost of renting property in Brisbane. Not only will there be flood affected residents seeking temporary accommodation whilst homes are being repaired but there was already evidence that many people are choosing to rent due to affordability. Coinciding with this is school leavers and university students also seeking accommodation ready to start new jobs and university courses in Brisbane. This will create a shortfall in available rental properties thus pushing prices beyond previous estimates.
For anyone considering purchasing property in Brisbane for either owner occupier or investment purposes it is still very much a buyers market. Many vendors, who have had their homes on the market for some time, are being forced to drop prices to obtain contracts on their homes. Investors, who are looking to purchase, have the added incentive of better rental returns due to supply shortfalls.
In addition, the economy may very well receive a kick along as rebuilding will boost the under performing construction sector. More jobs and more disposable income may in turn assist in improving the property market in the long term.
There are a few checks you should undertake if purchasing property in Brisbane. They would include checking the council flood maps so you have an understanding of the affect of any major flooding on the property. Furthermore, obtaining relevant flood insurance would also be highly recommended if you are purchasing in an area which has been known to flood. For those who are adequately insured, the devastation of the flooding will not be as great.
Brisbane is still a great place to live. It is possible that our state will be an even better place to live as people have displayed such determination and strength and in may cases selflessness.
The good old Aussie sense of humour was out in full force when in one newspaper I read that someone had been to Suncorp Stadium, which was like an Olympic swimming pool during the flood, and placed floaties and goggles on King Wally (legendary rugby league player – Wally Lewis). We all had a chuckle over that one!
Tracie Hocart lives and works in South East QLD with her husband Damien (a Certified Practicing Valuer) and young family. Tracie and Damien own and operate Residential Property Solutions www.rpsbuyersagent.com.au assisting home buyers and investors locate the right property, in the right location, at the right price.
Expat Health Insurance Partners
Our award-winning expatriate business provides health benefits to more than 650,000 members worldwide. In addition, we have helped develop world-class health systems for governments, corporations and providers around the world. We want to be the global leader in delivering world-class health solutions, making quality health care more accessible and empowering people to live healthier lives.
AXA - Global Healthcare
As the global healthcare specialists for AXA, the world’s number one insurance brand, we can help you get fast access to expert medical care, whenever and wherever you need it. All our plans include evacuation and repatriation, a second medical opinion service and extra support from a dedicated case manager if you’re diagnosed with cancer. You’ll also have 24/7 support from our caring multilingual team - we’ll always remember you’re a person, not a case number.
At Bupa we have been helping individuals and families live longer, healthier, happier lives for over 60 years. We are trusted by expats in 190 different countries and have links with healthcare organisations throughout the world. So whether you're moving abroad for a change of career or a change of scene, with our international private health insurance you will always be in safe hands.
Cigna has worked in international health insurance for more than 30 years. Today, Cigna has over 71 million customer relationships around the world. Looking after them is an international workforce of 31,000 people, plus a network of over 1 million hospitals, physicians, clinics and health and wellness specialists worldwide, meaning you have easy access to treatment.