Buying a house that flooded in Townsville

Hi,

I’ve found a property in Townsville , more specifically Idalia that I’m interested in , the property was affected by the floods last year but has been fully rebuilt to a very high standard, I’ve got prices on insurance an it’s actually not that bad, Idalia was and still is a desirable suburb, am I mad for considering buying a place there that flooded last year?

 

Hopefully the council learnt some lessons from last year but I would not buy in Idalia - learn from history, don't repeat it.

 

I have a mate that been trying to sell a property in Townsville for over 9 months now it was not flooded only mold through the entire house which after a lot of drama from the insurance company was fixed up ..The price started at 335k then went down too 310k and as there has only been one offer at 260k so make sure you go in low and from what he tells me the new insurance costs are a killer..good luck imho..
btw way who do you intend to insure with and the cost?.

 

RACQ, $1600 per year for home
And contents , $3000 for excess’s.

I went $25000 lower than the asking price.

I havent signed yet , I’m still not sure what to do really.

I want to live close to town in a newer house so not many other options for my price range.

What suburb is your mates house in ?
Cheers

 

Buzzyear,just gave my mate a call the area is called ''Hermit-Park'' the lower end of the street did flood but his property never had a water problem just mould so go in low on the offer at least that way you can go up but from what he's said it's a buyers market good luck..imho..

 

What price point are you considering? I wasn't a big fan of Idalia and surrounds. Take away the new housing and its a complete swamp.

 

Try to find EX-Dha House there are few around Kirwan. Normally good condition, full history and DHA would have built then we’ll on higher ground level too. They are gold if you can find one!

 

DHA - defence housing

 

Make sure your building inspection checks for any lingering mould damage.
The 2019 flood was somewhere between a 1-in-500 year and 1-in-20,000 year event based on extrapolation of historical flow exceedence curves, so many properties flooded that have never flooded before and may not again. On the other hand, other flooded properties are in areas where flooding is expected and may happen every few years. Check Flood Mapping Service - Townsville City Council to find out what the expected flood frequency is in your area.

Also keep in the back of your mind that climate change projections include both sea level rise that will affect some parts of Townsville over the next 20 to 40 years and more intense extreme rainfall events, which may increase the area that is flooded regularly. Look at the flood maps with this in mind: some areas are never likely to flood even with climate change, while areas that currently flood sometimes are likely to flood more often in future. See https://www.qld.gov.au/__data/assets/pdf_file/0023/68153/north-qld-climate-change-impact-summary.pdf and Adapting to Coastal Change - Townsville City Council for more information.

Regardless of where you buy in Townsville, make sure that your insurance covers both flood and storm damage.

 

Don't do it. Hell no!

You'd be a fool to think that the insurance costs will remain affordable as climate change continues and you get flooded another couple of times.

Housing is a long term play and the chances of you getting flooded again are pretty good.

The chances of paying 10k plus a year in insurance are even better.

There's heaps of other places in Townsville where you can buy high and dry. Do that!

Buy a home, not problems.

 

fyi, Youi insurance avoid anything with potential inundation so give the address to them and their response will give you a guide

 

Yes, I would have thought a flooded house would get barely 50% of its price in the period soon after flooding. The money you save can buy a boat to tie up to the house.

 

In practice, real estate markets have surprisingly short memories. 12 months after the Brisbane floods in 2011, property values in many affected areas were higher than before the floods: What happens to property prices after a flood? - brad bell

 

My sister got a quote for her house in Deeragun last month, her house was flooded majorly last year & has flooded at least twice before that. Her quote... $750 per Month

 

Not quite tied up, but ready in the front yard

 

Insure for flood on a monthly basis only - between Nov/Dec - March, exclude it for the rest of the year. Might be a little more work changing insurer every 6-7 months but might be more palatable than paying a higher rate for the whole year.

 

How bad is the flood to her house? Around how much for the damage in 2019 flood?
When I looked at the flood map, most of the cities have flood in either 2013 or 2014, some not for a house but for the front street or around the house, so when buy, should we avoid all those to find a really dry area or it's ok if the house itself not infected?

 

La Niña weather predicted and cyclone season on its way...wait 6 months and get a bargain.

sorry Townsville

 

Really?! Will it influence the high and dry suburbs as well? Or just those which got flooded?
And any one knows How magnetic islands influenced by cyclone? Maybe north island horseshoe bay can be affected a bit? What's your opinion to investment on Magnetic Island?