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QLD buying a property in a flood zone

Discussion in 'Where to Buy' started by shelleykins, 19th Jun, 2015.

  1. shelleykins

    shelleykins Well-Known Member

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    Hi just wondering if people run like crazy from properties that are listed in Brisbane as high flood risk. Is it still possible to get insurance or is it just so prohibitive that its not worth it? Thanks for replies
     
  2. The Y-man

    The Y-man Moderator Staff Member

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    Easiest way - call up insurance companies with the address and ask how much, and what is covered.

    Are you going to put a house boat on the land? :D

    The Y-man
     
  3. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Getting finance is fun.
     
  4. See Change

    See Change Timing Lord Premium Member

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    We've avoided flood risk properties . Never seen one at such a discount that it warrants the risk .

    Cliff
     
  5. Coota9

    Coota9 Well-Known Member Premium Member

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    Shelleykins,

    I would agree with all the comments above but make sure as Y-man has stated you investigate via an insurance quote as that will give you a "professional appraisal" on the risk level via the insurer.

    That said I can guarantee that many buyers have been put of buying in a suburb due to "flood risk" when in fact it may only be a few streets or a small percentage that is prone to actual flooding..food for thought!!

    Coota
     
  6. Azazel

    Azazel Well-Known Member

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    I would avoid it, there are plenty of other houses out there.
    There were plenty of stories on the news after the massive floods about people not being covered even when they had insurance.
     
  7. Heinz57

    Heinz57 Well-Known Member

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    CG can be made by buying flood damaged properties straight away when everyone is spooked.

    I have lived in a house which had flooded in 1974 and the walls were never quite plumb. On the right day you could still get a whiff off the river mud.
     
  8. shelleykins

    shelleykins Well-Known Member

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    Thanks for your comments everyone. Appreciate it :)
     
  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Brisbane post 11 floods presented some excellent bargains for those that had an idea of what was real and what wasnt ( at the time at least)

    We have several loans where clients made investing decisions ( usually with the help of good BAs) into stock that was listed as CAT 5/5 risk for flood by valuers.

    It can be mitigated.

    Flood, like termites can be an opportuntity for those that know what they are doing, or a nemesi for those that dont

    ta

    rolf
     
  10. moyjos

    moyjos Well-Known Member

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    Totally agree ... What is the LVR required for these CAT 5 properties.?

    My dad did very well out of the 1974 floods, but things have certainly changed a lot since then
     
    Last edited: 20th Jun, 2015
  11. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    90 % is feasible depending on lender availability AND a clean P&B

    ta
    rolf
     
  12. Egga

    Egga Member

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    Hi,

    Ring up council ask to speak to town planner, they should be able to tell you the rating of the flood area.