Buying an IP in Flood planning area in QLD

Hi Team
I've come across this property (house is already built on it) in QLD that I'm interested in purchasing but seems like portion of the backyard land gets highlighted with (when using the council map overlay)
"
Balance flood planning area

"
Your thoughts, from what I hear its ok but I wont be able to do any construction on the effected area in future, is it correct?

Also, the same area is covered highlighted on the map as "Acid Sulfate Soil, Land above 5m AHD and below 20m AHD" any idea how this effects the property?

Many thanks

Cheers

 

Depends on how much the risk is priced in?

 

Have you talked to the neighbours to find out if it does flood? I haven't seen the latest flood maps in Brisbane but the last lot showed 2 of mine were in flood zones. Neither has ever flooded including in 2011, if one of them goes under then most of Brisbane will be in trouble as it's elevated...

 

According to the council map it's clear of any flooding. I would like to know what will be the risks of buying a property that portion of the land is classified under "balance flooding area" maybe I should be asking what does it means and what are the restriction on the land in regards to future development, also what does the sulfate soil mean? Is there any restrictions. Like eg with sewage you can't built on it.

Also, Kassy in regards to your properties in flood zone to you see any drop in market value of your property, compared to properties that aren't in flood zone? How is insurance pricing, I heard it's usually higher

 

No effect on property price that I can tell (haven't sold either but hasn't effected valuations). For mine, it's definitely insurance that costs more than the none flood areas, although insurance in Queensland is more expensive than insurance here in Canberra.

 

Its a black mark against the property potentially forever. Regardless of whether it did or didn't actually flood. But as someone else has said, if it is a really good deal, then you can just factor in higher insurance (and ongoing impact on CGs).

Go and chat to the neighbours (not just one) and find out for yourself how likely.

 

If this is within the BCC's footprint then unless you back-fill the area even then you would not be able to build,also anything that is within those floods zone like when they were hammered in 2011 the value range went down over 50/% and is only back in the price comparison it was prior in 2011..imho..

 

Where in QLD?

BCC has a flood planning category of FPA 1-5

FPA1-4 are wet. FPA5 is not wet.

If you were to do a floodwise report on FPA1-4, it would show wet. FPA 5 would show it didn't flood.

We have reasonable evidence having sold a new build in FPA 5, that the price was not affected at all.

We were also looking at buying a dev site that was wet in floods. We bailed on it, but the buyer was willing to accept about a 30% discount to an otherwise similar dry dev site three streets across.

 

South East region of QLD

 

Well if it happens to be in BCC, there ya go.