QLD buying a property in a flood zone

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

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  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
     
    shelleykins, 19th Jun, 2015
    #1
  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
     
    The Y-man, 19th Jun, 2015
    #2
  3. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Getting finance is fun.
     
    Shahin_Afarin, 19th Jun, 2015
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  4. See Change

    See Change Well-Known Member

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

    Cliff
     
    See Change, 20th Jun, 2015
    #4
  5. Coota9

    Coota9 Well-Known 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
     
    Coota9, 20th Jun, 2015
    #5
  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.
     
    Azazel, 20th Jun, 2015
    #6
  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.
     
    Heinz57, 20th Jun, 2015
    #7
  8. shelleykins

    shelleykins Well-Known Member

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    Thanks for your comments everyone. Appreciate it :)
     
    shelleykins, 20th Jun, 2015
    #8
  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
     
    Rolf Latham, 20th Jun, 2015
    #9
  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
    moyjos, 20th Jun, 2015
    #10
  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
     
    Rolf Latham, 20th Jun, 2015
    #11
  12. Egga

    Egga Active 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.
     
    Egga, 20th Jun, 2015
    #12
  13. Luvlife49

    Luvlife49 Member

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    De flood areas - nonono
     
    Luvlife49, 12th Jul, 2019
    #13
  14. MyPropertyPro

    MyPropertyPro REBAA Buyer's Agents Sutherland Shire & Surrounds Business Member

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    Brisbane councils have great flood mapping data on their websites. One of the must checks before buying anywhere in Brisbane.

    - Andrew
     
    MyPropertyPro, 12th Jul, 2019
    #14
    QldKoolies likes this.
  15. NewGuy88

    NewGuy88 Well-Known Member

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    NewGuy88, 12th Jul, 2019
    #15
    Heinz57 likes this.
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