LATEST: The flood is expected to peak in Ipswich at midnight tomorrow according to Campbell Newman.
The Premier urged people to remain calm and prepare for potential flooding, however, said any floods weren't expected to be as high as in 2011.
Flood heights are expected to be around 5m lower than in the January 2011 floods.
However, the Bureau of Meteorology has warned of potentially major flooding in the Lockyer Valley as well as Rosewood, Walloon and Ipswich.
The one piece of good news is that the jetstream influence causing "mini tornadoes" is largely confined to the coast and not expected to have an influence in Ipswich.
Possible properties at risk of flood on 28 January, 2013
The information contained in the attached spread sheets indicate suburbs and properties potentially at risk of water inundation is based on rainfall and flooding modelling provided by the Bureau of Meteorology as of 4pm, 27 January 2013.
SUNDAY 4PM: Residents of low lying parts of Grantham and Laidley are being urged to self-evacuate.
Flood waters aren't expected to be as high in Grantham as they were in 2011, however, households who were flooded in Laidley are being asked to evacuate.
Centres have been established at the Laidley and Grantham State Schools, with people urged to bring their own bedding, food and medication.
The Lockyer Valley council has activated the Disaster Coordination Centre to monitor creek and river levels.
Mayor Steve Jones said the centre is currently monitoring local creeks and issuing alerts through Facebook and the council's website.
"The Disaster Coordination Centre has been activated with key operational staff on hand to monitor the current weather pattern," he said.
"Information from the state of the art river and creek gauges installed over recent months is being fed into the Centre providing accurate information on water levels while staff are also out in the field confirming local road closures.
In Ipswich mayor Paul Pisasale said up to 200mm of rain was expected to fall in the next 24 hours.
Cr Pisasale said mini-tornadoes experienced on the Sunshine Coast and Central Queensland were currently confined to the coast and unlikely to occur in Ipswich.
SUNDAY 1PM: Heavy rainfall up to 150mm has been recorded in the 24 hours since 9am Saturday in the catchments of Lockyer, Laidley and Warrill Creeks and the Bremer River.
Further heavy rainfall is expected during the next 24 hours and widespread moderate to major flooding is possible in Lockyer Creek and Bremer River and tributaries during Sunday and Monday.
Laidley Creek: Rises and minor flooding are occurring on Laidley Creek between Mulgowie and the Laidley Showgrounds. Further rises are expected during today with major flood levels possible.
Lockyer Creek: Rises and minor flooding are occurring at Upper Lockyer Creek and Helidon. Further rises are expected to extend downstream to Gatton during Sunday with moderate to major flood levels possible. Rises are also occurring in Sandy Creek with minor to moderate flooding expected in the next few hours.
Rainfalls in excess of 150 to 200mm are possible in the Bremer River and Lockyer Creek catchments over the next 24 hours.
The situation will continue to be monitored closely and is very dependent on the rainfall that occurs in the next 12 to 24 hours.
SATURDAY, 11AM: Colleges Crossing and Twin Bridges have been closed as water releases from Wivenhoe Dam flow down stream.
Rain fall totals are nearing the 60mm range for the day with the heaviest falls expected either this afternoon or tonight.
SATURDAY, 3AM: Ipswich is set to be dumped with 200mm of rain, with the heaviest downpours from ex-Tropical Cyclone Oswald expected to begin this afternoon.
Average falls of 50mm have drenched Ipswich so far, with the heaviest coming in Gatton, receiving an excess of 80mm.
Weather Zone meteorologist Ben Domensino said Ipswich should brace themselves for heavier rain and localised flooding.
"Saturday night there will be 200mm of rain. It looks like the heavy stuff will move into the region tonight or this afternoon," he said.
"Sunday will have rain right throughout the day."
Ex-Tropical Cyclone Oswald is expected to lose its sting on Monday with 40mm predicted to fall before the rain eases to showers on Tuesday.
The rain has put an end to Ipswich City Council's cancelling festivities at all council pools and tonight's screening of Red Dog at Shiloh Church.
The anticipated downfalls lead to releases from Wivenhoe Dam beginning yesterday afternoon, with Colleges Crossing expected to be cut this morning.
SEQ Water said Wivenhoe Dam was at 91.4% capacity when the releases began, and will continue until the dam capacity drops to 88%.
Minister for Energy and Water Supply Mark McArdle said yesterday 41,000 mega litres will be released from Wivenhoe Dam.
"Our aim is to protect the people and the property of South East corner by making certain the dams are at their most efficient and at their best levels to take the inflows and allow outflows to occur to assure that property damage and lives are not risked," he said.
Councillor Paul Tully said the rainy conditions, similar to those before the 2011 floods, had brought back memories of the natural disaster for some Goodna residents.
"People have been concerned but there is nothing to be concerned about. Children that remember the floods and a lot of families are worried," he said.