Brisbane flood peaks below record level (VIDEO)

The Brisbane River has peaked at just over 14 feet, sparing Australia's third-largest city from further devastation after a day of flooding swept through businesses and homes, according to media reports.

"The Brisbane River has now reached its peak," the police said in a statement at 5.11 a.m. local time. "Water levels will remain high for the rest of the day. Current predictions indicate that floodwater will slowly recede over the weekend."

While the peak did not reach that of the devastating 1974 flood — over 17 feet — Mayor Campbell Newman said that based on revised figures, 11,900 Brisbane properties would be fully flooded and 14,700 partially affected.

The death toll stands at 13 but there are grave concerns for another nine people and a further 70 still unaccounted for.

Queensland's Chief Minister Anna Bligh had warned that residents would wake Thursday to "shocking" flood scenes.

She said Brisbane had developed significantly since 1974 and there were many more built-up areas that would be affected by flooding now compared to then.

Across southeast Queensland, almost 80,000 homes in the greater Brisbane area are without power, 30,000 in Ipswich and surrounding suburbs, 4,200 in the Lockyer Valley and pockets around Redcliffe, Gympie, Logan and the Sunshine Coast Hinterland, the ABC reported.

Newman, meanwhile, warned that sewage treatment plants might be affected, contaminating floodwaters.

"Another reason to stay out of the water, don't cop a mouthful of it, have a good decent shower and clean up afterwards," he said.