Joel Davis,
Strategic Director at Image Property.
Flood impact on the southeast rental market
By Joel Davis, Image Property
As we begin the slow process of recovering from the recent flood, attention is turning to its impact on the Brisbane rental market.
Unfortunately, the Southeast rental market is likely to be the worst affected by the recent flooding event.
In 2011, Brisbane’s rental market had a reasonable amount of supply. However, our region was already experiencing a critical under supply of properties this year.
According to SQM Research, the rental vacancy rate in Brisbane was just 1.1 per cent in January – the lowest level in some 15 years. Likewise, on the Sunshine Coast, where the vacancy rate is just 0.5 per cent.
While it is too early to assess how many people have been displaced because of the floods, we have been helping tenants in need of assistance – including those who are unable to stay in their rental properties because of flood damage. We are also assisting landlords as much as possible.
The low number of rental properties available makes it difficult for many people, including homeowners who need somewhere to live while their properties are being assessed and repaired.
However, we have seen our strong community spirit come to the fore yet again with people helping. However, they can, including the reformation of the much-appreciated Mud Army to assist with the clean-up and the tireless efforts of our emergency services and defence force personnel.
The floods remind us that we can’t control Mother Nature, but we can be prepared as much as possible for such events.
For property owners, this includes making sure your insurance policies are up-to-date with the current market prices and material and construction costs so that your property can be repaired or rebuilt if the worst happens.
For landlords, it is vital that you also have separate landlord insurance policies to protect your assets and provide potential cover for loss of rent in the event of a natural disaster such as a flood.
We are still in the early stages of recovery from the floods, with much still to be done.
However, without question, the Southeast will rise again, because as former Premier Anna Bligh said in 2011: “We are Queenslanders. We’re the people that they breed tough north of the border. We’re the ones that they knockdown, and we get up again!”
Below are several support services and grants available for anyone impacted by the recent floods provided by the REIQ.
Support for those impacted by the floods:
Call 13 74 68 or click here if you need temporary emergency accommodation.
Information for tenants regarding rental properties affected by a natural disaster – click here.
Financial assistance for individuals and families:
Australian Government Disaster Payment – Eligible individuals can claim $1000 per adult and $400 per child – click here or call 180 22 66.
Australian Government Disaster Recovery Allowance – A short-term payment of up to 13 weeks for eligible people for the loss of income – click here or call 180 22 66.
Emergency Hardship Assistance Grants – Grants of up to $180 are available per person and $900 for a family of five or more – click here or call 1800 173 349
Essential household contents grant – Grants of up to $1,765 for eligible single adults and up to $5,300 for eligible couples/families to replace/repair household contents – click here or call 1800 173 349.
Structural assistance grant – Grants of up to $10,995 for eligible single adults and up to $14,685 for eligible couples/families for home repairs – click here or call 1800 173 349.
Essential services safety and reconnection grant – A grant to help you reconnect essential services damaged by a disaster – click here or call 1800 173 349.
Brisbane City Council rates rebate – a $250 rebate off flood-affected Brisbane ratepayers’ following rates bill; deferral of April quarter rate notices; and payment extension for impacted ratepayers facing financial difficulties – click here or call 3403 8888.
