Brisbane property values could immediately drop if the market mirrors the experience in 2011, when the city last experienced a major flood event.

"Increased demand for housing is a great sign for landlords who have invested in the Brisbane region as vacancy rates are on the decline." - Mitch Connolly, Senior Investment Analyst

Families looking for rental properties in Greater Brisbane are facing intense competition in the tightest market in 10 years, with prospective tenants offering above the asking price just to secure a place.