What to look out for when looking at flood effected property

14 Jan 2019

Did you catch our senior Buyers Agent Zoran Solano when he was recently on Your Money’s Auction Day program? If not don’t fear, here is a link to the video.

We cover topics such as;

  • Which suburbs were affected during the 2011 flooding in Brisbane?
    • Rosalie / Paddington
    • Chelmer / Graceville
    • East Brisbane
    • Bulimba / Hawthorne
    • Rocklea
    • St Lucia
  • How has the flood affected the property?
    • Confidence in some of the areas has been affected with several buyers now begin turned off due to media coverage of flooding.
    • For around 12 – 18 months after flood there where still visual evidence of the floods with repairs and renovations occurring during this time enquiry was down.
    • There was a minority of buyers actually doing the opposite and hunting down “Bargain” flood affected properties, but this is a small amount of buyers.
    • Borrowing Restrictions / More Expensive insurance or No Insurance all where follow on affects of these flooding issues.
  • We discuss the different types of flooding? 
    • Brisbane River Flood
    • Creek/Waterway Flood
    • Overland Flow Flood
  • How do you research flooded properties? 
    • Consider proximity to Creeks and Parks as these are a sign of potential risk.
    • Storm Water Pick up points close to the property on the Curb and Channel on the road is also another tell tail sign.
    • Bottom of a Dip in the road or lower section of a hill. 
    • Undertake a Floodwise Property Report from the Brisbane City Council
    • Check on Brisbane City Councils interactive mapping for flood overlays
  • We also share a case study of the effects of flooding on a property and how it can effect value and resale.

 

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