VIC Property Subject to LSIO: A Problem?

Discussion in 'Where to Buy' started by DreamzUnlimited, 24th Sep, 2019.

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  1. DreamzUnlimited

    DreamzUnlimited Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    128
    Location:
    Australia
    Hi:

    I am currently looking at a property within Banyule Council, which is subject to LSIO at the back (presence of a drain just behind).

    LSIO = Land Subject to Inundation Overlay (Overlays explained | Melbourne Water.)

    The property marked with blue dotted border is the one am looking at. Also shows LSIO region.

    upload_2019-9-24_10-36-6.png

    Is this a concern for any investor/property buyer? I never dealt with a property before that has got LSIO.

    Any help would be much appreciated.

    Regards,
    DU
     
    DreamzUnlimited, 24th Sep, 2019
    #1
  2. Propertunity

    Propertunity Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    3,476
    Location:
    NSW
    Yes, insurance premiums can be higher to cover flood. You wont be able to build on that affected portion of the land. As time goes on, flooding generally (not always) gets worse as more developments funnel more water into existing old drains.
     
    Propertunity, 25th Sep, 2019
    #2
    Archaon likes this.
  3. DreamzUnlimited

    DreamzUnlimited Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    128
    Location:
    Australia
    Hmmm though to. Specially when it is showing the LSIO is within the land boundary !!

    Thanks for the input
     
    DreamzUnlimited, 28th Sep, 2019
    #3