While the economy of 2011 and subsequent years was much different to today’s, the CoreLogic data shows that following the January flood 11 years ago, the affected suburbs were also hit with a much steeper decline than the rest of Brisbane.

“Following the Brisbane floods in 2011, the city’s dwelling values sustained a decline from January 2011, to January 2012 which bottomed out at 6.1 per cent,” CoreLogic said

“It was not until March 2014 that the dwelling market fully recovered the value recorded in December 2010.”

According to the CoreLogic data it took Chelmer housing 8.4 years to recover after prices fell almost 18 per cent from January 2011. Rocklea fell 17 per cent and took 3.7 years to recover.

Fairfield prices fell 11 per cent and took four years to return. Indooroopilly took nine years after a 10 per cent fall and Graceville dipped 12 per cent and took three years to recover.

However, riverside still attracted a premium even after the flooding.

“Australians have historically placed a high value on housing within close proximity to the water. Whether this trend changes based on forecasts of more frequent, severe weather events is yet to be seen,” CoreLogic said.

CoreLogic said the relatively short period between the disasters of 2011 and this year could shift buyer attitudes around housing in low-lying areas and result in markets with a low flood risk attract a greater premium.

Higher insurance premiums for flood affected suburbs could also “dissuade” buyers from an area.

However, not all suburbs that were flooded in 2011 were impacted in the latest disaster.

The 2011 floods were caused by rain above the Wivenhoe Dam whereas the recent flood was caused by rain in and around Brisbane which led to the flooding of creeks.

Housing demand in Brisbane had also been relatively strong before the flood, although it had tapered off from last year’s boom.