Medium Flood Risk Map - BCC

Hi folks,

Just curious to get some insights from Brisbane Metro property investors in regards to the Flood Risk categorisation from BCC's useful online tool.

To give context, I'm considering a property somewhere in the zone in the attached flood map image. It is not a 'high risk' (dark blue), but rather a 'medium risk' (light blue). So you know, there are two more lesser risk colours (being 'low risk' and 'very low risk').

Obviously I know what these mean in layman's terms, that is not my question.

My questions are:

1) What does a 'medium risk' flood map zoning mean for the insurance policy for flood? I.e. how much more substantially does the quote go up? I've tried to get quotes from some insurers but I don't have the patience with them wanting 100 form-fill fields completed on a site of my data, or a half hour chat on the phone, JUST to get a 'ballpark quote'. Rather, I thought I'd ask the community: what are the rough premium costs like for a medium-risk flood insurance policy?

2) Of course I'm then curious to know what medium-risk as a 'Scarlett Letter' slapped on this property does to long term capital growth. Anyone had anecdotes here on this? Not sure if this helps but the property is an apartment/attached terrace 'style' (meaning the LUG/storage room is on the ground floor, and the living area - the actual apartment, is on top of it). Not sure if this elevates (Excuse the pun) the property and reduces perceived flood risk etc.

All other numbers stack up for me (rental returns, suburb DD, holding costs etc. etc.).

Any insights you can offer would be amazing! :eek:
 

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These flood maps reflect history.

Having lived through both the 1974 and 2011 river floods, I can assure you that the areas affected differed significantly. A future river flood will probably behave quite differently again. Creek floods are even more erratic.
Marg.
 
Thanks Marg,

So are you suggesting that the flood maps by BCC should be taken with a pinch of salt? I.e. if I secure a property where all the other boxes are ticked, and so long as it isn't a high-risk flood zone, it wouldn't hinder capital growth too much?
 
Thanks Marg,

So are you suggesting that the flood maps by BCC should be taken with a pinch of salt? I.e. if I secure a property where all the other boxes are ticked, and so long as it isn't a high-risk flood zone, it wouldn't hinder capital growth too much?


No, not a pinch of salt, but just be aware that just because a property has not flooded previously does not mean a guarantee that it never will. Obviously topography plays a part.
Marg
 
What does the floodwise report say for the particular property you are looking at.

It will tell you what the minimum habital floor level is for the dwelling.

It will also tell you if it's affected by a 1 in 100 year flood event or more often. I'd imagine you'd start running into trouble with a property that is more than 1 in 100 years affected.
 
Second the advice about getting the insurance quote. If the company won't insure it - run! :D

All jokes aside, it can also help to inspect on a heavily raining day (if you can organise this with the powers above) to see where/which way the water goes.


The Y-man
 
Great tip re: the rainy day inspection! I'm up for the Saturday 25th April actually so fingers crossed it is rained out!
 
:D

All jokes aside, it can also help to inspect on a heavily raining day (if you can organise this with the powers above) to see where/which way the water goes.


The Y-man

The problems with those areas is some only flood when the high tide combined with the overflows from the dams combine and that takes over 36 hours to built up with heavy rain,but several in that flood zone map
suffer from quick river build up flash floods,more dangerous I know from experience in the 2011 Brisbane floods the water level was going up on the front steps one step every five minutes,does not you you a lot of time to get out..and plus suncorp will insure most of those flood areas it just the cost,whick for us is above 2.5 k per year per property,but a least the next time around as it will happen again we are covered for every different type of flood unlike before..
 
Also and a dumb question but I've poorly planned my trip to realise I'll be there on Anzac day. I wonder if agents will still show properties after say lunchtime on Anzac day ?
 
Also and a dumb question but I've poorly planned my trip to realise I'll be there on Anzac day. I wonder if agents will still show properties after say lunchtime on Anzac day ?

I asked exact question to agent I called yesterday, and he said if houses are still available, they will be showing them as usual :)
 
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