Thanks for the wealth of info, been learning a lot just by randomly browsing, so much to read (and learn). Having been to a number of open houses and received some contracts through email, one of them has been identified as a flood control lot. If I understand it correctly, the building needs to comply to certain flood planning requirements. It's a new-ish property (few years old) and since it has already been built, does flood control still matters much? I have downloaded the flood study from the council, the property is at the very edge of the flood map (a couple of houses away would have been all clear). But it is marked as medium flood risk. Is this sort of thing a major concern and should be avoided (as a long term PPOR)? Thinking about impact to growth and future buyers.
Avoid. Your insurance premium could be higher. If you have a flood event the insurer might not pay you out, or limit pay out. In the event of the house burning down the house may not be approved for rebuild. It's too risky in my opinion. You could easily end up with a block worth zero.
A flood control lot does not mean you cant develop on the lot, or the property is worth zero. These lots can definitely be developed upon and you will need to submit a DA for approval so flooding effects are considered as part of development application. BTW, any structural / external changes to an existing property generally require a DA approval.. Insurance - get the right insurance that covers your property against floods.
