The Australian Floods – Immediate Considerations for the Property Industry

Introduction

The floods affecting Queensland, Victoria and NSW have been described as unprecedented and their impact on the economy will indeed be extraordinary.  Early estimates place the cost of direct damages to the Queensland economy alone in the vicinity of billions of dollars.  Although perhaps not yet fully understood, consequential damages resulting from the floods have the potential to be equally severe.  The series of floods that have affected and continue to affect Queensland, New South Wales and Victoria are likely to become collectively the most expensive disaster in Australian history.

Norton Rose Australia has prepared a series of briefings in relation to the impact of the floods on various sectors of the economy. Whether you are a developer, owner, landlord or tenant of real estate in the affected regions the floods and inclement weather create not only usually dangerous on site conditions but also raises various legal issues that require urgent