Hi,
I am a newbie in the property investing game- currently looking for a first investment. I would just like an educated opinion on the effect of the floodings in Queensland. I am looking at some spots in the mining hotspots, but now am having serious second thoughts.
What does the floodings mean? If the suburb that I was interested in was included- should I stop there and look at other suburbs?
Does it mean that the value will drastically drop in the next few years, or not rise at all?Thanks.
Flooding does concern me but in turn there are people in my neighboring town that deal with flood every 3-8 years, There will recede (1in 50years), you might be able to buy at reduced and never see it flood in the next 20 years but it could happen again next year, reserch town history for floods and make and educated decision.
Hope this is of some use.
Insurance in areas which have just flooded is likely to be difficult to get, if not impossible. After all, which insurance company would knowingly issue a new insurance policy on a property which is likely to have 10s of 1000s of damage again in the next decade.
If you are looking at getting the upside of the mining boom, with minimal risk and has survived the flooding very well, Gladstone is definitely worth a look. I already have an IP there.
Thanks for the inputs PLANT-EM and mattnz. Very much appreciated.
We heard back from a contact in the area and the news coverage is not as bad as the actual situation.
I will have a look at Gladstone.
Surprising to hear that the news coverage is actually less dramatic than the reality, its normally the other way around.
We have a house in Bundaberg, it is out past the airport. Out at Kentucky Blue Grass Estate.
It's an old estate over 20 years old. It has very deep open drains out the front of houses for when we get a lot of rain, but with in a few days they are empty again. I had a look on google earth and our house in 43m, where they had flooding in town is only at about 12m.Everyone thinks that because we have the big drains that we flood….. Nope not us.
I am very glad that we did not buy a house in town now.
mpbajar wrote:Hi,I am a newbie in the property investing game- currently looking for a first investment. I would just like an educated opinion on the effect of the floodings in Queensland. I am looking at some spots in the mining hotspots, but now am having serious second thoughts.
What does the floodings mean? If the suburb that I was interested in was included- should I stop there and look at other suburbs?
Does it mean that the value will drastically drop in the next few years, or not rise at all?Thanks.
Hi mpbajar,
I have a property in Emerald. Before purchasing the property I realised through my research that flooding was a significant risk. As a result, I purchased in a specific area of the town that historically has not been affected by flooding. Conducting detailed and specific research is always wise and has in this case saved me alot of heart ache.
I have alot of faith in Emerald and I think it is in line for some fantastic oportunities in the very near future with the development of not only the Bowen Basin but in particular the Galilee Basin. Although the recent flooding is a set back I think Emerald will dust its self off as it has done in the past and It’ll be business as usual.
Ps. Property values in Emerald certainly didn’t drop after the once in a hundred year flood in 2008 and I don’t expect them to drop after the bigger than once in a hundred year flood in 2010/11.
Good luck with your journey mate,
JT
MissMuffitt wrote:We have a house in Bundaberg, it is out past the airport. Out at Kentucky Blue Grass Estate.
It's an old estate over 20 years old. It has very deep open drains out the front of houses for when we get a lot of rain, but with in a few days they are empty again. I had a look on google earth and our house in 43m, where they had flooding in town is only at about 12m.Everyone thinks that because we have the big drains that we flood….. Nope not us.
I am very glad that we did not buy a house in town now.
MissMuffitt (and anyone else who might know)
How do you figure out the elevation of a property relative to the nearest/major waterway/s? That’s one part of my due diligence I’ve been having trouble in finding information sources on.
Thanks for you help,
Stacey
P.S. I love your name!
Stacey/elektricpink, that’s a question I also want to know the answer to. I can’t find any really useful information anywhere
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