Brisbane and Gold Coast property markets recover after Cyclone Alfred

The property markets in Brisbane and the Gold Coast have quickly rebounded following the disruption caused by Cyclone Alfred, according to the Real Estate Buyers Agents Association of Australia (REBAA).

One week after the cyclone temporarily halted open homes and auctions, market activity has resumed with strong attendance and continued buyer interest.

REBAA President Melinda Jennison said open home inspections in Brisbane’s inner- and middle-ring suburbs had returned to pre-cyclone levels.

“Compared to the 2022 floods, it appears that the property market impacts of the cyclone have been negligible in the majority of suburbs,” she said.

“Of course, we do have some areas that have experienced flooding, but it is important for buyers to understand that these locations are in the minority rather than the majority.”

Ms Jennison said some open homes and auctions over the weekend saw more than 50 groups in attendance, with buyers undeterred by the previous week’s severe weather.

“Buyers were out in force and prepared to submit offers or bid at auction in a variety of suburbs north and south of Brisbane,” she said.

“The fact that the market appears to have shaken off the Cyclone Alfred interruption is really a barometer of the sound fundamentals of the region’s property market.”

Apollo Auctions Director Justin Nickerson said Brisbane auctions had remained strong despite minor disruptions in the lead-up.

“We had a really strong Saturday, which was fantastic,” he said. “I think any minor disruptions were beforehand, perhaps with more postponements because sellers have lost one week of their campaigns.”

“On the Saturday, though, it was business as usual and there were some pretty active buyers out there. Market conditions were maybe even a touch better than they have been.”

Gold Coast auctioneer Rob Doorey of Apollo Auctions said auction activity on the weekend showed strong results despite some postponements.

“My auction clearance rate was 75 per cent across a variety of properties from Tweed Heads and Southport to Mermaid Waters, Miami, and Broadbeach Waters,” he said.

“Those properties that went ahead with auction – looking at that clearance rate of 75 per cent – we actually did better than before.

“They were good quality properties, and they were good quality buyers, so I don’t think it would’ve mattered what happened, the buyers would have been there.

“The Gold Coast market is back to normal, and those people that didn’t turn up to buy at the weekend are probably going to be disappointed.”