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RE/MAX Excellence sales specialist Michele Hyde, along with RE/MAX Riverside owner Martin Hood, organised a free community forum in Townsville to help residents grapple with what has been happening in real estate since the floods, and what it may mean to them going forward.
More than 50 residents turned out on a wet and windy night for the information event.
Ms Hyde said that the convergence of a monsoon and a slow-moving tropical low caused a flood event in February this year, which left well over 3,000 homes with damage, causing many to become homeless.
“Martin contacted me while news of the flooding was still rolling out. He’s been through similar in Brisbane in 2011 and had held a post-flood community forum there.
“Since the floods, many property owners are asking the big questions of ‘What do we do now?’ and ‘What’s my property worth?’, and Martin has been able to give them a great insight through his own experiences.”
Mr Hood was a key speaker at the Townsville forum, along with Joe Panzera from iLend Finance and Alex Dickinson from Opteon Valuers.
“Michelle invited me to share some of my personal experiences from the devastating 2011 Brisbane floods, which were also a once-in-a-lifetime event, and observations on what lies ahead for the Townsville property market,” Mr Hood said.
“Our market at the time was like that of Townsville. We had a shortage of properties for rent or for sale. Then, suddenly, we were provided with an impossible task to locate short- to medium-term accommodation while people tried to piece together their lives.”
He gave first-hand accounts of homes on the market flooding and how approaches to the marketing of those properties changed.
“The thing to remember is that all the many reasons for people buying or renting in Townsville remain — the diverse range of work and study options, affordability for families, excellent schools, shops and restaurants, beaches and parkland, transport and medical facilities. These have not changed in any way; and people will continue to buy and rent here.”
Value
Mr Hood said that eight years on, values of flooded Brisbane properties had risen to levels above pre-2011 flood values. Most areas of Brisbane increased in value within five years.
“If we use Brisbane’s experience as a guide, the Townsville market is likely to return relatively quickly to pre-flood conditions.
“At RE/MAX Riverside, the question about flooding comes standard from most property buyers, just as they might ask about asbestos, termites or lead paint. While flood inundation can affect time on market, buyers’ greatest concerns stem from the ability to get insurance rather than the value of the property.
“Townsville sellers should look to knowledgeable real estate agents to price and market their property. The needs of each seller and the property’s unique circumstances will be assessed.”
Ms Hyde said that her colleagues, and their buyers and sellers, were fortunate to have Mr Hood’s insight to call on.
“The Townsville flood event, though tragic for so many, mirrored Brisbane in that only pockets of the city were affected. There’s still a lot to be positive about in the Townsville property market.”
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