Flooding and flooding are not the only issues facing the Australian state of Queensland.
Flooding in the state has also led to widespread property damage, and a new report has found the state’s property values have gone backwards since the floods.
The State of Queensland’s state and territory property losses are the worst in the country, according to a new state and federal report.
The report released on Monday found that in Queensland’s last five years, property values are down 7.4 per cent and state and Territory property values were down 8.5 per cent.
The average property value in Queensland is $1.1 million, but it fell by 7.2 per cent in Queensland from $2.8 million to $1 million between 2015 and 2016.
In the same period property values in Victoria were down by 8.4% and Queensland property values fell by 8 per cent, according the report.
“The property losses in Queensland have been exacerbated by the flooding, and it’s a very significant problem in terms of the impacts of the flooding on our communities,” Ms Sivakumaran said.
“This report is just the tip of the iceberg.”
The report’s author, Dr John Gough, said the property losses could be even worse than the Queensland flooding, as the state was losing the value of its houses and apartments.
Dr Gough said the average property values across Queensland were “totally unsustainable” and the average house in Queensland was worth less than $600,000.
“In a state like Queensland where the average income is $70,000, this is a real problem,” Dr Goug said.
In a statement, Queensland Government spokesman Dan Williams said the report showed that the state could have avoided its worst floods by spending more on flood defence and infrastructure.
“We’ve spent billions on flood defences and flood defences that are designed to protect people, but that is nowhere near enough,” Mr Williams said.
Property losses and the economy Queensland’s property losses and its economy have been particularly bad, according with a report released last month by the Institute of Public Affairs.
It found that between 2015-16 and 2020-21, Queensland’s economy contracted for the first time in its history.
It said the loss of the Queensland economy was the worst since 2001.
The Institute of Government said the state had been in recession since 2010.
The recession hit hard on the poorest parts of the state, and was worsened by the “high level of unemployment” and lack of infrastructure and education, the report said.
Queensland was also hit hard by the floods, with the state having the worst property losses among states in the report, with property values down 8 per, 7.5 and 8 per per cent respectively.
The state had also lost the value per head of people living in the State of Origin and Territory.
“There are now more people without a home than there were when the floods hit, and there’s a massive lack of affordable housing,” Mr Gough told the ABC.
“It’s a huge problem.”
Mr Goug also said Queensland needed to start to invest in flood defences, saying “the government needs to start building and spending.”
The State’s Department of Housing, Housing Finance and Urban Development (DHFCU) said it had spent more than $2 billion in flood defence projects in the past five years and had received more than 500 flood alerts.
It also said it was working with the federal government to develop a plan for protecting people from flooding.
The Federal Government has announced $15 million to support the construction of flood defences in Queensland, but has not released a specific plan for the state.
The Government has said it is committed to rebuilding infrastructure, including schools, in the area.