While the full impact is still being assessed, the REIQ anticipates significant demand for property assessments and support for displaced residents.
REIQ CEO Antonia Mercorella emphasised the real estate sector’s role in recovery efforts, stating: “Real estate professionals will be focused on helping their clients and community through this disaster.”
With Townsville’s rental vacancy rate sitting at just 1.2%, the floods are expected to put additional pressure on an already tight rental market.
“When homes are flooded, it’s devastating and distressing, and it can take considerable time and resources to get homes restored and back online,” Ms Mercorella said.
The displacement of owners, tenants, and businesses means property managers will play a key role in re-homing people and managing temporary housing needs.
Ms Mercorella also highlighted that tradies and insurance assessors will likely require accommodation during the recovery phase, further increasing demand.
Resources for real estate professionals
The REIQ Disaster Toolkit is available to help real estate professionals navigate flood-related challenges.
The toolkit includes FAQs, fact sheets, insurance guidance, and regulatory information from the Office of Fair Trading (OFT), the Residential Tenancies Authority (RTA), and the Queensland Building and Construction Commission (QBCC).
Ms Mercorella stressed the importance of collaboration and clear communication during this period: “The important thing is to work together and treat one another respectfully with patience and understanding while the extent of the damage is understood and managed. At times like this, good communication is key.”
Ms Mercorella note the extraordinary efforts of real estate professionals during previous disasters, including the 2019 Townsville floods, the 2022 Brisbane floods, and the 2023 Far North Queensland floods after Cyclone Jasper.
“In Queensland, we are sadly no stranger to natural disasters and time and time again our communities have rallied together to help displaced residents and businesses,” she said.
“We have no doubt we’ll see that generosity and community support to get everyone sheltered and back on their feet again.”
Despite the widespread flooding, some agents report that demand for property remains strong.
Andrew Acton described the conditions as “heavy, consistent rain and the worst conditions for property inspections”, requiring extra care in coordinating inspections.
However, he noted that “besides having to lock down for a couple of days, the demand for property hasn’t waivered.”
While there are some concerns about houses flooding, Mr Acton reassured that “that’s been minimal and it’s business as usual for us.”
He remains confident in the market’s resilience, adding: “I don’t think anything will slow the buoyancy we are seeing across the marketplace.”
