Hi all,
I'm currently looking at a property in Melbourne which is in a council designated flood zone (1 in 100 years). Looking at council planning scheme maps, the flood zone surrounding the property is quite narrow (around 70m) and given the road is fairly level tells me the depth of the flood area isn't too great. The house is also raised a reasonable amount from the ground.
Should I be worried? I'm just wondering what peoples thoughts are on such properties. Would you consider buying something like this? I know the risk of flooding is quite low. I am more concerned about the following issues which may or may not be likely:
1) Higher insurance premium? Will it be difficult insuring such a property?
2) Less capital growth than properties which aren't in the flood zone. Even though flooding is unlikely, the Section 32 clearly states the risk of flooding and is also covered by a 'Special Building Overlay' as a result, which would mean a planning permit is needed for any building or works. This may scare of potential buyers.
Anything else I may have missed?
Regards,
Ozi
I'm currently looking at a property in Melbourne which is in a council designated flood zone (1 in 100 years). Looking at council planning scheme maps, the flood zone surrounding the property is quite narrow (around 70m) and given the road is fairly level tells me the depth of the flood area isn't too great. The house is also raised a reasonable amount from the ground.
Should I be worried? I'm just wondering what peoples thoughts are on such properties. Would you consider buying something like this? I know the risk of flooding is quite low. I am more concerned about the following issues which may or may not be likely:
1) Higher insurance premium? Will it be difficult insuring such a property?
2) Less capital growth than properties which aren't in the flood zone. Even though flooding is unlikely, the Section 32 clearly states the risk of flooding and is also covered by a 'Special Building Overlay' as a result, which would mean a planning permit is needed for any building or works. This may scare of potential buyers.
Anything else I may have missed?
Regards,
Ozi