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Buying in a 'balanced' flood zone?

Discussion in 'The Buying & Selling Process' started by Thorm, 20th Dec, 2015.

  1. Thorm

    Thorm Well-Known Member

    Joined:
    16th Sep, 2015
    Posts:
    46
    Location:
    Sydney
    I'm short listing some properties in which are currently listed in a balanced area of the flood zone map (moreton bay area).
    So, apart from the obvious disaster scenario, what does this mean when buying? Insurance premiums and cash flow consequences, resale... what else? Avoid like the plague?
    And in general, is this something people use when negotiating a price?
     
  2. allisterlm

    allisterlm Member

    Joined:
    10th Nov, 2015
    Posts:
    24
    Location:
    Sydney
    Hi @Thorm, check out this recent thread on a similar issue for some thoughts:

    QLD - Flood maps

    My thoughts are:

    1. If you are unsure when you are buying, when it is your time to sell, your potential buyers will be asking the same questions. You need to ask yourself whether being in the flood zone (even if negligible) will impact on your ability to resell. With these negligible flood areas, agents will always tell you that the maps are ridiculous and that it never floods there but as I said, if you have doubt now, so will your future buyer.

    2. Flood zones can affect insurance cover. Make sure you investigate this carefully.

    3. There is always plenty of other deals - I personally would just pick something outside a flood zone.

    Not sure if you've seen this yet, but MBRC has a great flood report tool. Simply type in the address and away you go!

    Flood Check Property Report

    Hope this helps.
     
  3. Angel

    Angel Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    1,277
    Location:
    Paradise, Brisbane
    Maybe speak personally to the neighbours. Where I live on a ridge the last flood map I saw shows water run off from the summer storms along the street out the front but it makes zero difference to my quality of life. My house is two metres above the road. Have a look on Street View at the elevation above road level. edit: I just checked the link above on the newest report and it states my property is not affected by runoff.

    If sleeper retaining walls aren't built with sufficient drainage behind them then they collapse, a different headache. I'd look for rock walls.

    To be honest, I haven't looked at the most recent flood map. The maps have changed a few times in the last three years depending on which party was in govt. and how scared they are of rising sea levels. One lot of maps was overly cautious, showing water running down every second street in the entire city and Moreton Bay inundating half the Redcliffe peninsula within the next 50 years.
     
    Last edited: 21st Dec, 2015
    bob shovel likes this.
  4. Thorm

    Thorm Well-Known Member

    Joined:
    16th Sep, 2015
    Posts:
    46
    Location:
    Sydney
    Sweet. Thanks for this, i did not know about this one.

    Appears to consider properties in balanced zones as 'not affected'.
     
  5. tilt10

    tilt10 Well-Known Member

    Joined:
    1st Jan, 2016
    Posts:
    58
    Location:
    QLD
    I live on a major river that has very little chance of being flooded. The whole area is in a flood zone. I new that when i bought in.
    Because there is very little chance of flooding i don't include flood cover in my house cover and save buckets of money. I used to live on Narrabeen lake in Sydney. Now that was a different kettle of fish.