QLD On the ground in Brisbane

Discussion in 'Where to Buy' started by dan2101, 4th Aug, 2015.

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  1. Steven Ryan

    Steven Ryan Well-Known Member

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    Not quite @bob shovel, but I will tell you that every place I looked at with 5+ groups through was under offer that week.

    5% over asking seems pretty common.
     
  2. bob shovel

    bob shovel Well-Known Member

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    what about flood areas are they in demand too? or does the price reflect it, and are the unknowing out of area people likely to get a surprise
     
  3. D'Mo

    D'Mo Well-Known Member

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    Did you happen to have a look at algester ?
     
  4. See Change

    See Change Well-Known Member

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    We went to one flood prone property at an open house

    We were the only ones there .

    There are a few properties that have been on the market for a while in our area of interest and appear cheap . They're with flood prone , near HV towers / cables , renovator specials or a combination .

    We were shown one property where the contract had just fallen over . Also flood prone .

    Both of these flood prone properties were an eye opener in terms of how bad the floods were . We're talking properties on moderate sloped blocks , at least 20-30 m above the valley floor if not more ....... Maybe 50 m

    Cliff
     
    Last edited: 5th Aug, 2015
  5. Sackie

    Sackie Well-Known Member

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    Goooooo Brisbane!! Giddy up!!! Ahem.., mount gravaat, Holland park, Holland park west..Ahem!.:D
     
    Last edited: 5th Aug, 2015
  6. Sackie

    Sackie Well-Known Member

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    :eek::eek:


    Its a real shame when LMR sites are totally ruined by flood affected areas...
     
  7. dan2101

    dan2101 Well-Known Member

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    D'mo I did have a bit of a look at algester but liked the feel of Runcorn better. Seems to have the fundamentals of sunnybank for a cheaper buy in price. I preferred it to algester as well as it's got a train station and it's super close to get onto the freeway to the city. Agents I spoke to also said it's becoming really popular with Chinese first home buyers that can't afford the more expensive areas.

    Just my opinion though!

    Cheers
     
    Observer likes this.
  8. bob shovel

    bob shovel Well-Known Member

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    Wow! That's not your typical"flood plain".
    Would you touch a "flood prone" property @See Change ? I'd imagine all interstate, out of area investors would run a soon as they heard flood. Locals may have an advantage to know the "better" flood buys. Buying in a 1 in 100 year zone would give 96 years before the next flood ;) so bargains to be had!.
    Would potential tenants be less inclined to rent compared to investors not to buy? I'd think there could be some yield advantages in flood zones if tenants are not phased as much as investors.
    Eg. On paper one side of the street valued 10% less due to flood zone while achieving same rent. But insurance would come in to play too I guess.
     
  9. Befuddled

    Befuddled Well-Known Member

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    Careful there. Don't equate "1 in 100year" to "floods once every 100yrs"
     
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  10. bob shovel

    bob shovel Well-Known Member

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    Yeah pretty sure that's what it means. your one of those"climate change"nuts are you ;)
     
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  11. wylie

    wylie Moderator Staff Member

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    My understanding of the term "1 in 100 year flood" means that there is a one in a 100 chance of a flood EVERY year.

    Happy to stand corrected, but that is my memory of how it was explained to me.

    Edit: Just checked and Wikipedia agrees...

    https://en.wikipedia.org/wiki/100-year_flood
     
  12. Befuddled

    Befuddled Well-Known Member

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    Correct. 1 in 100 means ~1% chance.

    Think of it like this. A coin has a 1 in 2 chance of landing on head. Doesn't mean it WILL every second flip though.

    If my maths serves me right the chances of the above "1 in 100 year" flood occurring some time in the next 20 years is about 18.2%. Doesn't sound so rare if you put it that way now does it?
     
  13. bob shovel

    bob shovel Well-Known Member

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    And with those calculations they would put a "factor of safety" on there of atleast 3. So it's probably 1 in 300 years! Numbers don't lie ;)
     
  14. Sackie

    Sackie Well-Known Member

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    :eek:
     
  15. kitdoctor

    kitdoctor Well-Known Member

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    Go Keperra, go Carina, go New Farm, just go Brisbane god damn it! Disclaimer I have a vested interest but these are good suburbs by most people's opinions.
     
  16. willair

    willair Well-Known Member Premium Member

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    The simple way is just ring up Suncorp,we pay for one property that went over the roof in 2011 just over $2500.00 but that was with 15% off with several policies with the same company,that same property was over the roof in 1974,and as we have held that property for over 17 years the water has come in the yard several times,2011 the whole street was over the roof in most houses took me over 670 hours to rebuild that property in between the floods it has never been vacant..
     
    bob shovel likes this.
  17. bob shovel

    bob shovel Well-Known Member

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    @willair are tenants warned or advised to get insurance due to bring a flood area?
    Did you rebuild yourself? Or was cash used from insurance to do the work?

    Does the bank valuations come in at market rate, taking into account flood area?
    During boom times would the area be less likely to be bought in, and then lag behind similar areas?

    Just thinking outside the box, looking for the niche market that the "mob" won't touch in the coming months of pandemonium

     
  18. willair

    willair Well-Known Member Premium Member

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    Just after the 2011 floods ,real estate agent were walking past the property in gum boots offering 100k,that was after I found out the insurance I had in place did not cover that type of flood, every different type of person was coming in to offer help for big $$$$,even stunning call girls were offering half price sex,no one helped property investors you were on your own..

    Insurance never paid me one cent and as that is still ongoing in a legal class action I will say nothing..

    Apart from having the property rewired first then new board I rebuilt the property myself ,the water blew out all doors 50% of the windows and the back stumps let go and the back section went down over 250mm, then someone came in and stole the hws and all the pipework,but half the pipework was the old gal pipe but they still stole everything ,in some ways by stealing all the cooper they gave me less work as all the pipework had to come out anyway,at least it gave me a job for six months and you get up each day have a plan and just keep going,only paid 52k plus legals to buy in the first place the rental returns over the years is above 2ook,and from the letters I get from real estate agents it's now worth 350-380k,a Painter who walked in just as I finished the rents the place treats it like his even has pictures of his Father on the walls and runs a business from that location,just a bump in the road..
     
    Last edited: 5th Aug, 2015
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  19. JDP1

    JDP1 Well-Known Member

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    Um...just curious...and nothing else.....Which suburb was this...
     
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  20. stumpie

    stumpie Well-Known Member

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    @JDP1 - careful now you might catch something you don't want
     

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