with some shell-shocked owners of flooded homes making the tough decision to cut their losses and move rather than stay and rebuild.
“People are asking from mid $200,000s to late $300,000s for flood-affected homes [that] would have been worth anywhere from $450,000 to $600,000 before,” Mr Scott said. “As far as buyer engagement, what I’ve found is that $650,000 to $750,000 mark, flood free, has been very hotly contested by first home buyers and investors.”Further north in Murwillumbah on the banks of the Tweed River, agent Craig Dudgeon from Elders Tweed Valley, said no flood-impacted properties had yet come on the market.
“We’ve got long-standing locals who have been in homes 30, 40, 50 years, and it’s the second time in five years [they have been flooded]. It’s actually hurt them this time, the anxiety levels are certainly different.“They are all thinking of the future. The ones that you thought would never sell, they loved the little spots where they were, well, they’re certainly looking at selling this time.”
The Australian government will need to reverts back to having an insurance underwriting business. Getting property insurance in some areas is now effectively impossible. We're not just talking Lismore, but most of Northern Queensland, Townsville, parts of Brisbane, etc