House prices in flood affected areas of Brisbane will take a short-term hit, but it was difficult to predict how the market would behave in the medium to long-term. Antonia Mercorella, the Real Estate Institute of Queensland (REIQ) CEO, told The Epoch Times that while property prices would take an immediate hit, it was unlikely that owners would sell their properties right away. “Rather, we tend to see these property owners choosing to take the time to repair and improve the homes, so when they eventually come back on the market, they are actually in a much better condition than prior to the floods,” she said. At the same time, opportunistic buyers would be waiting to grab a bargain with long-term investment in mind, given that prices will bounce back. Mercorella noted that the market might even experience an increase in sales and rent prices because the floods forced a …