The long history of hedonic property (HP) price analysis shows that property prices can capitalize environmental risks and natural hazards such as floods. Previous research has investigated either the availability of flood risk information or actual flood incidence on property markets. However, to the best of our knowledge, none of them have attempted to compare the availability of public information on flood risks and actual flood incidence. Hence, in this study we attempt to fill this important research gap by adopting a novel methodology; spatial quasi-experimental analysis which outperforms traditional HP analysis. Furthermore, the flood risk is specified as a two-dimensional variable. The release of flood risk maps by the Brisbane City Council (BCC) in 2009 and 2010/11 Brisbane-flood was considered as a case study and the property transaction data for selected suburbs within BCC were collected for the period 2006 to 2013. The supplementary secondary data, published by different sources were collected using GIS techniques. The spatial HP analysis indicates that the properties in the flood prone areas are discounted. In addition, the impact of availability of flood risk information and 2010/11 Brisbane flood were compared within a Difference-in-differences (DID) framework. The results indicate that property buyers are more responsive to the actual incidents than public information. Moreover, the impact of risk on property market varies between different suburbs. The study provides an economic rationale towards flood mitigation related policy decision-making.