The Mary River in the southeast Queensland town of Gympie has peaked early on Wednesday morning and is expected to drop by the end of the day.
Queensland Flood Warning Centre said the Mary River peaked just after midnight at 18.44 metres, which is below the 19 metres that forecasters were expecting.
'It hung around the peak for a couple of hours,' a spokesman for the centre said.
'The current peak 18.34 metres and it is slowly dropping.
'It's expected to drop during the morning and get below the flood level by the end of the day.'
Mayor Ron Dyne said after the second flood in a month, townsfolk are a bit water shy.
'They're a resilient crowd, but they're jack of it,' Mr Dyne said.
'The retail side of things (isn't) flash anyway, then you get four floods in one year and two in a month and some businesses have had to empty their shops every time.'
Panel beater Noel Edmonds moved back into his River Road premises only two weeks ago, after two metres of water swamped his workshop last month.
Now he is evacuating again.
'It's catastrophic. We've just had enough,' he told AAP, saying he couldn't afford to move the business.