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Flood suburbs leaving rest of Brisbane in their wake now

first_imgFriends pitching in to save a home in Bulimba after flooding on January 13, 2011. Picture: Eddie Safarik/AFP. Top regions for affordable property Rental market tightens in Brisbane Brisbane’s most crowded suburbs Mr Peleg said the financial risk was now considered to be lower than before the 2011 floods.“That’s why we have insurance companies. And while they have revised their product offerings and premiums, which no doubt will be quite high, it is still possible to get insurance.”While Fig Tree Pocket reigned supreme (52.7 per cent), price growth was solid in 18 other suburbs including Bulimba (44.7 per cent), Yeronga (42.4 per cent), New Farm (40.5 per cent), Tennyson (40 per cent), Indooroopilly (39.8 per cent) and Windsor (38.8 per cent). Houses in the suburb of Yeronga submerged by flood waters on January 13, 2011. House price growth in the area has bounced back to outperform the rest of Brisbane. Picture: Jonathan Wood/Getty Images.BRISBANE suburbs devastated by record floods in 2011 have sprung back to beat the rest of the housing market, with one growing at double Brisbane’s five-year average.New analysis has found that in 19 of the 20 suburbs affected by floods, house price growth was now outperforming the rest of the Brisbane market.RiskWise Property Research found 95 per cent of the suburbs affected have gone on to deliver strong double digit capital growth over five years, with the top suburb Fig Tree Pocket notching a massive 52.7 per cent, double that of Brisbane 26.7 five-year average.RiskWise CEO Doron Peleg said demand for properties in those suburbs far outweighed any concerns over flooding — especially given 2011 was considered “a once-in-a-50-year event”.“That makes these homes a risk people are willing to accept.” Police patrolling flooded Fig Tree Pocket streets in 2011. Picture: Jono Searle.Also notching capital growth in the thirties were Hamilton (35.7 per cent), Norman Park (34.8 per cent), Corinda (34.7 per cent), Auchenflower (31.5 per cent) and Wilston (31.3 per cent).Only one suburb of the 20 was running below Brisbane’s 26.7 per cent five-year average, with Pinkenba sitting just half that pace on 11.8 per cent.Mr Peleg said the results defied post-2011 flood perceptions that the areas would see very poor capital growth and negative buyer reaction.“Our research has shown the reality is completely different and the demand for them has eclipsed the negative perception. This is because these high-flood areas are truly well located on the river which is in high demand.”He said some areas had also been rezoned which made them attractive to developers. House Price 5-Year Growth in 2011 Flood Affected Areas: Fig Tree Pocket (52.7 per cent)More from newsParks and wildlife the new lust-haves post coronavirus19 hours agoNoosa’s best beachfront penthouse is about to hit the market19 hours agoBulimba (44.7 per cent)Yeronga (42.4 per cent)New Farm (40.5 per cent)Tennyson (40 per cent)Indooroopilly (39.8 per cent)Windsor (38.8 per cent)Hamilton (35.7 per cent)Norman Park (34.8 per cent)Corinda (34.7 per cent)Auchenflower (31.5 per cent)Wilston (31.3 per cent)Fairfield (29.8 per cent)Kenmore (29.4 per cent)Herston (28.8 per cent)Albion (28.6 per cent)Sherwood (28.4 per cent)Milton (27.9 per cent)East Brisbane (26.8 per cent)Pinkenba (11.8 per cent) Source: Riskwise Property, CoreLogic Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 3:17Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -3:17 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels576p576p480p480p256p256p228p228pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenMichelle Hele’s May market wrap03:17last_img

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