Home values in cyclone-impacted areas across Queensland are likely to take a hit, but an increase in demand for properties in unaffected suburbs could actually drive prices higher.

Cyclone Alfred struck the east coast of Australia late Friday, unleashing strong winds, rough surf and dangerous rip currents along popular beaches over the weekend. An estimated 10 to 15 inches fell around Brisbane and on Moreton Island during the storm.

Cyclone Alfred has weakened into a tropical low, but its impact remains severe across Queensland and NSW. Over 300,000 people are without power, and flood risks persist as heavy rain lashes Brisbane.

By Kristine Sabillo Heavy rainfall and flooding damaged homes and vehicles in Australia, with locals even reporting shark sightings in inland canals. Cyclone Alfred formed over the Coral Sea on Feb. 22,