What Does Buying in the Flood Zone Mean for Property Values in Brisbane?
Due to the floods Brisbane has been experiencing semi-regularly, many properties in flood zones have been selling for much cheaper prices. Within a year of flooding, the median valuation of flood-impacted properties has dropped below that of unimpacted properties, leading to cheaper houses but at the cost of damages and possible future flooding. Three suburbs that saw this the most are Milton, Rocklea, and Fig Tree Pocket. Despite homes being on the more expensive side, properties in these suburbs which are older, lack proper drainage, or have damages, are cheaper than the homes unaffected by the floods.
Building Inspections to Check for Flood Damage
Building Inspections in Milton are incredibly necessary since the lower lying areas are prone to flooding, having been badly affected by the 2011 floods.
It’s essential to look out for:
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Concrete Spalling in the foundation
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Cracked, peeled, or bubbling paint
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Landslip
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Water tains in walls and floors
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Wet patches or greener grass areas in the front and/or backyard – an indicator of stormwater drainage problems.
Building Inspections in Rocklea have found that something as simple as elevated storage could indicate the seller is trying to obscure the extent of flood damage in the past, so having an inspector evaluate the property with an expert eye is important to the longevity of the property.
Some damages to watch out for are:
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Cracks in the walls due to subsidence
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Damage to or uneven floors
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Dampness or a damp smell
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Decay under the flooring
When it comes to Building Inspections in Fig Tree Creek, flood damage can be insidious and not as obvious on first glance – which is why it pays to book an inspector with local knowledge you can trust.
It is important to stay vigilant for flood damage such as:
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Visible mould or mould smell
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Damage to the roof
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Broken pipes or illegal plumbing connections
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The state of the gutters
Having a professional examine the property for flood and water related damages could save thousands of dollars when those issues develop into expensive problems. It will also bring to light any aspects of the property which could become problematic during the next rainstorm or flood event. Checking to see if or how badly the property flooded in previous downpours, having an expert inspect the property, and fixing the damages will save you money in the long-run as well as boost the value of your home.
