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Flood fear has temporary effect on property prices: QUT study
Date:7/2/2014

homes sold," he said.

"This is most likely because in the low-value suburbs, owners may not have had the means to repair their properties so selling at a reduced price was the only option.

"And for buyers, who were mostly investors, the lower price even with adding on the repair bills made good economic sense given the potential future rental returns."

Professor Eves said in some of the low-value suburbs, to this day there were still many properties unrepaired.

"This unrepaired damage continues to have a visible impact on these low-value suburbs such as Goodna and an effect on property prices," he said.

Professor Eves said while there was an immediate spike in rental prices after the floods due to an increase in demand from flood-affected residents wanting to remain close to their properties, within six months the rents and demand had returned to normal trends.

"Within the first week after the floods there was a significant drop in availability for rental accommodation, with a reduction of about 50 house rentals alone in both non-flood and flood-affected lower value suburbs," he said.

Professor Eves said previous long-term studies had found disasters such as major floods had resulted in up to a 35 per cent difference in value between flood and non-flood affected properties.

"This was not the case in post the 2011 Brisbane flood," he said.

Professor Eves said the study showed the floods had an immediate impact on the number of properties being offered for sale after the flood but after two to three months the number of listings for sale in the flood-affected suburbs increased in a similar trend to non-flooded suburbs, although volumes were lower.


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Contact: Sandra Hutchinson
s3.hutchinson@qut.edu.au
61-731-389-449
Queensland University of Technology
Source:Eurekalert

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