North Queensland braces for real estate challenges post-floods

Real estate community rallies amidst North Queensland crisis

North Queensland braces for real estate challenges post-floods

News

By Mina Martin

As relentless flooding devastates North Queensland, the Real Estate Institute of Queensland (REIQ) has pledged support to the impacted residents, businesses, and the broader community.

The ongoing disaster has mobilised REIQ to prepare for an extensive evaluation of properties and to assist those displaced.

REIQ prepares for post-flood recovery efforts

Antonia Mercorella (pictured above), CEO of the REIQ, emphasised the critical need for swift action following the floods.

“In the aftermath, our priority is to address both immediate and long-term housing needs,” Mercorella said.

Real estate professionals are gearing up to utilise the REIQ Disaster Toolkit, a resource designed to aid in managing the challenges posed by the floods to properties and businesses.

“Our goal is to ensure our members have the necessary tools to continue their operations and help those in urgent need,” Mercorella said.

Tight housing market exacerbates flood impact

The floods strike at a particularly difficult time for Townsville, which is already grappling with a low vacancy rate of 1.2%.

“The displacement of families and businesses adds further strain to our already tight rental market,” Mercorella said.

The efforts to re-home people are compounded by the need to accommodate tradespeople and insurance assessors, who are crucial for the recovery process.

REIQ calls for community solidarity and patience

REIQ recalled the remarkable community response to previous floods in Queensland, including the 2019 Townsville flood and the 2022 Brisbane floods.

“Our community’s strength lies in our collective efforts during times of crisis. We encourage everyone to communicate effectively and support each other as we work through the recovery,” Mercorella said.

She also highlighted the importance of respect, patience, and understanding as they assess and manage the extent of the damage.

Essential resources for affected parties

REIQ has updated its Disaster Toolkit, which is now available for download.

This toolkit provides FAQs and factsheets for dealing with flood impacts, including insurance, tenancy issues, and property management.

Key topics addressed include contract termination due to flood damage, unlivable rental properties, and office restoration.

Support and advice for tenants

Mercorella advised tenants to be proactive in understanding their rights under the current legislation.

“Tenants should consult the Residential Tenancy Authority and access resources like the natural disasters fact sheet to navigate their options if their rental is affected by the floods,” she said.

Government assistance for flood victims

REIQ encourages those in need to seek government disaster assistance.

Housing and personal hardship support are available through state and Commonwealth initiatives, with specific programs aimed at assisting residents in Cairns, Townsville, Burdekin, Cassowary Coast, Hinchinbrook, and Palm Island.

Related Stories

Keep up with the latest news and events

Join our mailing list, it’s free!