The full impact of Queensland's devastating flooding will not be clear for some time but early government estimations predict the damage bill to be at least $5 billion.
Despite the natural disaster however the Real Estate Institute of Queensland remains relatively positive about the outlook for the Queensland property market.
“Flooding is an accepted part of life by people living in rural and regional Queensland and yet again residents in these areas have remained stoic during the current flood even,” Dan Molloy, managing director of REIQ told First Property Buyer.
“While the full impact of the Central Queensland floods is yet to be known it is likely that the property market will remain resilient and will be able to absorb any negative effects, as it has many times in the past.”
Mr Molloy said he expected the Queensland residential market to show signs of a cautious recovery as 2011 progresses.
“With a more stable interest rate environment, jobs growth, further infrastructure development and investment earmarked for the state, it is hoped that the second half of this year will result in an improved economic landscape.”