Damaged Homes for sale

[Pa1nter]

Obviously there is some interest in damaged houses from the recent floods.

I though I would start a post where we can put up any houses we come across.

I believe this will help those affected by the natural disaster

This could enable them to get out of financial trouble earlier.

This can also bring some new investors to the area.

 

[Pa1nter]

My first house to list is advertised with Ebay,

http://cgi.ebay.com.au/ws/eBayISAPI.dll?ViewItem&item=180620302263&ssPageName=ADME:X:RTQ:AU:1123

This property is directly on the river and is in my opinion ,going to be a great house to have in your portfolio.

If those wanting to know more,feel free to PM me,

 

[BV]

Is this place cheap for the area?
I guess it would be difficult to get finance

 

[willair]

This can also bring some new investors to the area.

In 2 years time no one will care less,but what happens in between that time in all the high flood area's may well finish a lot of property investors
in those area's..
http://www.realestate.com.au/property-house-qld-archerfield-107050664
http://www.realestate.com.au/property-house-qld-acacia+ridge-107152862
http://www.realestate.com.au/property-house-qld-rocklea-107060112http://www.realestate.com.au/property-house-qld-rocklea-107010520

 

[Pa1nter]

In 2 years time no one will care less,but what happens in between that time in all the high flood area's may well finish a lot of property investors
in those area's..
http://www.realestate.com.au/property-house-qld-archerfield-107050664
http://www.realestate.com.au/property-house-qld-acacia+ridge-107152862
http://www.realestate.com.au/property-house-qld-rocklea-107060112http://www.realestate.com.au/property-house-qld-rocklea-107010520

Did all of these houses go under in the flood?

 

[Pa1nter]

Is this place cheap for the area?
I guess it would be difficult to get finance

At their advertised price its not much of a bargain,however the right price could see you doing very well in the future.

 

[willair]

Did all of these houses go under in the flood?

Not sure how far the water went in but too give you a idea i went past everyone in a small boat with a mate of mine who had a plumbing business in Rocklea that went above the factories mezzie floor level
if you intend to take something like this on you would want to look at it from every angle,from my experience it will be the investors not the ppor
title holders that will sell and run,most people that live in Rocklea and
own their own home that we have helped are back in their properties maybe up too 80% so they don't need to sell,and there is a lot of help for those people,all the rentals that i know in the small area are vacant and in very poor shape,just give it 12 weeks then the real problems will surface,the local federal-state "pm's" has told me upfront there is stuff all help out there for investors,if as i think once the hydro reports come in next week most will have to go it alone unless you are with suncorp-nrma ..

 

[DEC]

In 2 years time no one will care less,but what happens in between that time in all the high flood area's may well finish a lot of property investors
in those area's..
http://www.realestate.com.au/property-house-qld-archerfield-107050664
http://www.realestate.com.au/property-house-qld-acacia+ridge-107152862
http://www.realestate.com.au/property-house-qld-rocklea-107060112http://www.realestate.com.au/property-house-qld-rocklea-107010520

Rather wet
According to Google maps there is a house to the right of this one, but surely it hasn't disappeared under the water? (add: not there in street view)
http://www.nearmap.com/?ll=-27.558964,153.018409&z=23&t=h&nmd=20110113

Second house dry
http://www.nearmap.com/?ll=-27.583984,153.02406&z=23&t=h&nmd=20110113

Last house only a few inches of water in the yard by the looks
http://www.nearmap.com/?ll=-27.557689,153.013642&z=23&t=h&nmd=20110113

 

[NBS]

I feel the only way to secure any flooded property is to see if the bank will lend the monies or will you be able to insure against flood (all types).

Yes there will be (bargains) in some eyes but are they truely bargains? if you cannot get insurance.

I have considered buying flooded places and doing them up (easy for me to do) but I don't feel I want the stress worrying about when the next flood will hit or will insurance cover it.

I feel better repairing burnt one At this stage I'll stay with the dry stuff although if certain places come up then I may consider. Show me the burnt ones lol

Without looking to hard at that one on Ebay I'll take a stab and say a repair of about $60000 - 80000.

Places in this area can start from high 4's don't know about rent I assume mid 4's up.

Brian

 

[L and P]

A couple I have seen for sale so far

http://www.realestate.com.au/property-house-qld-east+ipswich-107135727

http://www.realestate.com.au/property-house-qld-east+ipswich-107136341

 

[tcocaro]

I am a little confused by this thread? It seems to suggest there are bargain\opportunities out there but I beg to differ.

The prices fetched today for flood affected properties (or in suburbs which got flood affected) is indeed much lower than before the floods but this is because ummm it flooded! And hence the value of the home has dropped to reflect todays market value? It is not the same as say during the GFC were temporary insanity may have led people to sell for much lower prices and a savy investor picked it up (ie a bargain). In short the drop in value for a flooded home would reflect todays "true" market value and NOT be a bargain.

The only way its a bargain is if you beleive that prices will (for that house\area) return to pre-flood levels i.e. everyone forgets it flooded. I dont think this will be the case.

Further more turn-over/sales activity for such areas are non-existant for any price (this will change over-time) but I dont think the hit in value will recover. I think the drop in price will be more long-term i.e. a new base price has been set.

For instance prices in FAIRFIELD was equal to or above comparable homes in suburbs such as ANNERLEY this has now changed and in my view NOT recover. Dont get me wrong prices will rise but from a lower base and in line with price rises in surrounding areas.

So if investors are going round looking for a bargain I dont think you will find one in flooded areas. Instead I think you will find a flood affected home needing repairs, will be near impossible to get finance, valuation may come in even lower, insurance will be again impossible to get and the lower price would reflects todays market price anyways. In short a big massive headache for little to no gain and even at risk of further price falls.

 

[INVSTOR]

Here's an email and pic's I received from a friend:

I thought I would forward these pictures sent to me by my old neighbours in Rocklea. I lived there from 1992 and sold the house late 1999. When I had the building inspection before buying the house, it still had grass in the inside roof supports from the 1974 floods. These photos were taken yesterday afternoon at 5pm Wednesday 11 hours before the peak, so the windows would have been completely under.

I know many of you visited Darnley Street regularly and these pics really puts things into perspective for me. Seeing only television footage of our beautiful city seemed surreal and hard to understand until now.

My old neighbours are safe and well and I will be seeing them soon, once the clean up can commence.

 

[NBS]

I take the intention of the post is to just put up any people see that have come up for sale. Not so much that its a bargain or not. I made comment from my point of view a couple of posts ago.

It really is then up to the individual to decide what they do with the information as with all real estate.

Brian

 

[Pa1nter]

I take the intention of the post is to just put up any people see that have come up for sale. Not so much that its a bargain or not. I made comment from my point of view a couple of posts ago.

It really is then up to the individual to decide what they do with the information as with all real estate.

Brian

Thank you,NBS,

I would imagine back in 1974 a lot of people would have been saying the same thing about these houses as tcocaro is saying.

Thats fine and as anyone knows some people couldn't see a deal in front of them if it bit them on the foot (Nothing personal)

1974 didn't stop these same houses for selling for 400K+ or more a month ago.


This is a chance for some people to get into a property that is very close to the city and amenities,something that they would only have dreamed about not long ago.

I believe some of these homes will sell for land price,therefore you are getting the house for nothing,what you do with this is up to you,


You can buy in the sticks,renovate an old house,or you can take a chance and buy close to the city for similar money,I know who will be better off in ten years.

It wont come easy and there will be obstacles.

 

[marg4000]

You pay your money and take your chances.

If you are lucky there will not be another flood for 100 years, possibly more.

Then again, maybe there will be one next year.
Marg

 

[tcocaro]

Totally agree.. so long as your investment time horizon is 37 years for people to forget but mine isnt. Further more a lot of people in Brisbane took it for granted that although they lived in a flood affected area that Ivanhoe damn would prevent a repeat... this is no longer the case.

I am sorry but to me it feels more of a gamble than a sound invesment... a gamble that relies on people forgetting or not caring, banks ignoring it and start lending and a gamble it dont happen again.

I agree that "some people couldn't see a deal in front of them if it bit them on the foot" but similarly I think some people couldn't see a risk in front of them if it flooded and drowned them" (Nothing personal)

Thank you,NBS,

I would imagine back in 1974 a lot of people would have been saying the same thing about these houses as tcocaro is saying.

Thats fine and as anyone knows some people couldn't see a deal in front of them if it bit them on the foot (Nothing personal)

1974 didn't stop these same houses for selling for 400K+ or more a month ago.

 

[Pa1nter]

Totally agree.. so long as your investment time horizon is 37 years for people to forget but mine isnt. Further more a lot of people in Brisbane took it for granted that although they lived in a flood affected area that Ivanhoe damn would prevent a repeat... this is no longer the case.

I agree that the Wivenhoe Dam was built in the late 1970-early 1980s,to fix the problem,

However the prices after the 1974 continued to rise before this dam was built,
It took nearly 10 years to build.

The dam is still there,it will still protect these houses,if it wasn't there,perhaps the floods would have been ten times worse.

Graphs are Jindalee and Rocklea

 

[tcocaro]

Graph tells you very little in isolation.

More telling is the median price compared with the region. Rockleas is 100k less.

I never said these suburbs wont rise in value (see my reply) I said they will drop to a lower base, rise in line with surrounding suburbs but underperform overtime compared to those suburbs that didnt flood. (if you look at similar graphs for Moorooka you will see Rockleas price rises\falls are simply inline with surrounding suburbs).

So again I ask why would you buy a flood affected property with all the inherent issues it brings when the stats you yourself so posted show it underperforms over time.

You would have made more money and with less risk and headache (and also avoided a 2nd flood) if you had just bought in Moorooka in 1974 rather than Rocklea. The same logic applies today.

Listening to you I cant help but feel you are trying to do something many novice stockmarket investors attempt to do and that is buy into a company that has dropped a massive amount because its seen as cheap. Even if you feel Rocklea has "overshot on the downside" you can no way ensure your buying at the bottom (picking the bottom) meaning you could still loose in the short term until prices (if they do) rise and even when they do its only because the general market rises so you would make exactly the same and most likely more if you had bought anywhere else.

PS: Yes the floods could have been worse (than 74) but they were comparable and thats depsite the dam. I can tell you now most people living in Fairfield\Rocklea wouldnt have said even that wasnt possible before this years floods.

I agree that the Wivenhoe Dam was built in the late 1970-early 1980s,to fix the problem,

However the prices after the 1974 continued to rise before this dam was built,
It took nearly 10 years to build.

The dam is still there,it will still protect these houses,if it wasn't there,perhaps the floods would have been ten times worse.

Graphs are Jindalee and Rocklea

 

[houseplz]

The flood was dramitically less than 74

My house went under to the ceiling in 74. This time, in Rocklea, it didn't touch the floor boards at 95cm high. So it was dramatically less than 1974.

 

[Fudge]

Thank you,NBS,

You can buy in the sticks,renovate an old house,or you can take a chance and buy close to the city for similar money,I know who will be better off in ten years.

I'd rather bet on a winner, than take a chance.....But then again, the higher the risk, the bigger the return.

For me, slow and steady wins the race.

F