DEMAND for ‘high and dry’ properties in flood-affected suburbs could be set to rise in the wake of the recent Brisbane flooding event.
Roger and Wendy Jones are hoping so as they have just put their townhouse on the market in Windsor in the city’s inner north, which was one of the suburbs impacted by the rain bomb earlier this month.
Mr Jones said he was not nervous about selling the property at 1/109 Eildon Road because of its elevation.
“That was one of the reasons I bought the place,” Mr Jones said. “You could see the city from the backyard. Now, up three storeys, you get a really good view and know water’s not going to come up there.”
The luxurious, architecturally-designed property, which goes to auction Saturday, has three bedrooms and two bathrooms and spans three levels.
Marketing agent Holly Bowden of Ray White – Wilston said the phone had been ringing off the hook since she had listed the property, despite Windsor being hit hard by flooding.
“The amount of enquiry has been extraordinary,” Ms Bowden said.
“We had no hesitation in listing it now given the quality of the property and the fact it’s elevated and with city views.
“People are asking though: ‘It hasn’t been flood affected has it?’”
CoreLogic head of research Tim Lawless said it was likely many buyers would look to properties on higher ground in the wake of the floods.
“The perception that riverside homes can be vulnerable to a flood may even be enough for property owners to look for high ground or live away well clear of the water’s edge until the 2022 floods are a distant memory,” he said.
“The chances are we will see less demand from people buying closer to the river — at least until the floodwaters subside,and memories start to fade.
“That’s what happened after the 2011 floods, we saw weaker performances in those suburbs where it flooded but after three to four years those suburbs had recovered to the pre-flood highs and values and continued to a premium level, especially in high blue-chip suburbs.”
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