Brighter And some

Popularity of suburbs comes flooding back

by Kate Watt, Marketing Manager 25 October 2018

The 2011 Brisbane floods haven’t dampened the appetite of home buyers, with prices in flood-prone suburbs continuing to rise.

Data from CoreLogic shows 19 of the 20 suburbs affected by the floods are outperforming house sales across the rest of Brisbane.

Fig Tree Pocket had the highest amount of growth in the past five years, jumping 52.7 per cent compared to the Brisbane average of 26.7 per cent.

Universal Buyers Agents property expert, Darren Piper told Williams Media that buyers were more focused on the investment potential rather than the risks associated with buying in a flood-prone zone.

“You would think that the perception among buyers would continue to see these areas as risky or negative, but anecdotally we’ve seen the complete opposite,” Mr Piper said.

“Some of these areas, particularly around the western suburbs are skyrocketing, seeing some of the best price growth in years.

“Funnily enough the inner west market is performing well and the river is wrapped right around it, so you do see a few little pockets like that which are flood-prone that are performing really well.’’

Mr Piper said the close proximity to the Brisbane river combined with the unique nature and aspects of riverside living meant these areas would continue to be a hotly sought-after opportunity for buyers.

But he warned buyers to weigh up the risks and seek the advice of a professional before being sucked in by the promise of high return.

High insurance premiums are also likely to put off buyers, with flooded properties attracting premiums from $4,000 per year.

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