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Queensland real estate sector faces housing challenges after North Queensland floods

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Photo by Burak The Weekender

The Real Estate Institute of Queensland (REIQ) has warned of significant housing disruptions in North Queensland as communities deal with the impact of severe flooding.

With the extent of the damage still being assessed, REIQ anticipates that substantial resources will be needed for property evaluations and assisting displaced residents.

REIQ chief executive Antonia Mercorella said the flooding raised urgent housing concerns for affected residents and property owners.

“Real estate professionals will be focused on helping their clients and community through this disaster,” she said.

“Sales agents and property managers in flood-affected regions can access the REIQ Disaster Toolkit to assist with property-related issues.

“We want to ensure that businesses remain operational so that urgent housing needs can be addressed.”

The latest REIQ Residential Vacancy Rate Report showed Townsville had a tight rental market with a 1.2 per cent vacancy rate before the floods. Ms Mercorella said this would add pressure to efforts to rehouse affected residents.

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“When homes are flooded, it’s devastating and distressing, and it can take considerable time and resources to restore them,” she said.

“This displaces owners, tenants and businesses, putting further strain on an already tight rental market.”

She said there could also be additional demand for accommodation from tradespeople and insurance assessors involved in the recovery process.

“The important thing is to work together and treat one another respectfully with patience and understanding while the extent of the damage is managed.

“At times like this, good communication is key.”

Ms Mercorella said previous disasters had shown the resilience of Queensland’s real estate sector, citing efforts during the Townsville floods in 2019, the Brisbane floods in 2022 and the Far North Queensland floods following Cyclone Jasper in 2023.

“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.

“Driven by a strong sense of community, we witnessed real estate professionals going above and beyond to help owners and tenants in need, working tirelessly to keep locals housed and lending a hand to clean properties.”

The REIQ has provided a Disaster Toolkit for real estate professionals, offering guidance on issues such as contract terminations, unliveable rental properties, office damage and mould management.

Ms Mercorella urged tenants to familiarise themselves with their rights and seek support from the Residential Tenancies Authority (RTA) if their rental properties were affected.

“Residential tenancies in Queensland are regulated by legislation, and the right to terminate a tenancy agreement on the basis of non-liability applies equally to tenants and property owners,” she said.

Government assistance is available through the Disaster Recovery Funding Arrangements (DRFA), with affected residents encouraged to check eligibility via www.qld.gov.au/disasterhelp or the Queensland Community Recovery Hotline at 1800 173 349.

Supported areas include targeted locations in Cairns, Townsville, Burdekin, Cassowary Coast, Hinchinbrook and Palm Island.

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