I didn't even know woolloongabba flooded. You learn something new every day.
I still think woolloongabba is a good area though, it is extremely close to the city as well.
Spot on!
For example:
http://www.realestate.com.au/property-house-qld-woolloongabba-108712516
http://www.realestate.com.au/property-house-qld-woolloongabba-115066151
Much more potential capital growth than a $450k apartment.