Urban floodway zone

I am reading throught a contract for a block of land in Victoria, that I plan to build a house on, and wondering if the bit about the Urban Floodway Zone has any significance;

"Details of any planning instruments affecting the land are attached and are as follows;

Name: Wyndham Planning Scheme
Responsible Authority: Wyndham City Council
Zoning/Reservation: Residential Zone Urban Floodway Zone
Development Plan Overlay (DP02)
Significant Landscape Overlay (SL02)
"

Can anyone shed any light on what this means,

Thanks
 
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