The Queanbeyan and Molonglo rivers after both beginning to fall after peaking overnight, following heavy rain across the region on Tuesday.

The Queanbeyan River at Queens Bridge is estimated to have peaked at 5.2 metres early on Wednesday morning.

Caravans are now returning to the riverside caravan park and Riverside Plaza has reopened its carpark.

The Molonglo River at Oaks Estate reached its peak of 6.47 metres at 3am on Wednesday morning and is now also falling.

As of 7:30am on Wednesday, the Molonglo river had fallen to 6.09 metres.

Minor flood warnings remain in place for both rivers as they continue to fall.

Thankfully, the worst of the wet weather for the region has now past.

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There’s the chance of a few showers on Wednesday before a partly cloudy end to the working week.