Would you consider it?

Hi guys,

I am considering a property in Oxley and as a part of DD I had a look at the flood map. Half of the street is in the flood zone, but not the particular property as it is at the highest point in the street.

Would it be too risky to buy this property?

Many thanks!

 

I'd consider it. Talk to the neighbours to find out where the water actually was when there was flooding. I have 2 properties on flood maps, both have never even had water in the front yard. The maps seem to be more for the benefit of the insurers (premiums).

Good luck!

 

Oxley suffered major flooding in 1974 and again in 2011. Some properties were affected both times, but a lot of others were only inundated in one of the floods. Check levels for both floods, not just the 2011 flood.
Marg

 

Just from being in that postcode, your insurance will be high because they'd consider the whole suburb as flood prone. You'll need to weigh this into your cashflow projections either way.

 

Thanks guys. The property has never flooded, neither in 1974 nor in 2011 floods. Would the insurance still be more expensive than for other suburbs?

Just one silly question with regards to the floodwise report. If the property's lowest ground level is 10.1m, and the calculated 2011 flood level is 9.2m, would this make the property safe flood wise?

Or should I completely avoid the whole suburb? What I really like about the suburb is that it's close to the train station.

 

Also worth mentioning that flood maps tend to move over time, especially with global warming. What has never flooded before still might go under in the future if it is on the border of the map. Maps tend to get "revised" every few years.

Is it a high set house?

 

Thanks Hammer. It's actually a low set house.

Sounds like I might be better off avoiding these areas that are close to the flood zones.

Also it looks like the house is lower than the street it is in, sloping to the back of the house.

 

If the numbers added up and made sense I would still buy. No property is without risk and the fact it has never been flooded is a pretty big mitigating factor for me.

 

Not always the case. They are more accurate nowadays

I rang youi and they have stricter requirements and go to the 1 in 50 level based on maps. When you plug in the address in their website if it says to call them it means you're in the to hard basket!

Word of warning with youi if you ring for a quote ensure it's just a quote! I got a quote and they forward dated the start date assuming i was to buy in the future as i was only looking into the property and a month later recieved an email that a transaction was not processed. ...for the property i didn't own!

 

Call a couple of insurers, should be under 1500 at a guess for a 250-300k house if the insurer is sure it won't get wet, of course only check with insurers that do flood.

Do you buy in areas where they do not provide these maps ? there are places in Sydney that flood too and it is NEVER talked about !

 

Even though half of the street is in the flood zone according to the flood map for the suburb?

Thanks Mick!

 

Cheers guys, really appreciate it.

I'm considering Oxley mainly because it's relatively close to CBD and it has it's own train station. However the distance between the property and the station is 1.6km (18 min walk) and I think this is not ideal.

 

@Realist35 When I was looking in Ipswich earlier in the year we were strongly considering one that was on a flood map (not flooded in 11 or 13). It would not put me off if the number offset the risk in my head.

 

How do you know it has not flooded? Who told you this?

 

I am guessing he is looking at the Brisbane Flood Maps.

@Realist35 There is different ratings for the flood risk and each has a different varying degree to what can be done on the land.

 

I've heard this from the agent. Obviously I haven't verified it yet.

I checked the property on the floodwise and it's sitting 1.9m above the 2011 flood level.

Where do I find those ratings?

 

If you can get hold of the 1893 flood map it will show a much worse picture...

 

On the BCC interactive map click the 'pdf' and it will display any flood overlay. Given that it is not in the flood zone it will likely not have any restrictions. I hear from agents that the BCC maps are made out to be worse than what it actually is.. Which i can understand but at the same time it will still always be impacted by the flood overlay unless someone is able to have the council take it off.

 

Is this the one:

https://www.google.com.au/url?sa=t&...49OyNadONq9u2FcpQ&sig2=BsXzgNUzjmKgXd6SY1rUoQ