Analysts predict discounts of up to 50 per cent will have to be offered to sell property in some of the most affected areas in the Brisbane River. Photo: Brad Hunter developers bullish on Queensland property values of the Bank of the River will fall rentals to increaseQueensland floods have devastated thousands of homes around the State and have caused millions of dollars of damage to infrastructure.
But somehow more investors private property seemed to have escaped any mishap. And some developers and investors are even bull on the future.
"We have $ 800 million worth of projects underway in Queensland and Victoria and none have been affected by the floods," said David Devine, co-founder of subway, property development advises The Australian.
We have apartments high-rise in the hills of Bowen, Indooroopilly, South Brisbane and Fortitude Valley and escaped damage by flooding.
When asked if he thought he had luck, Mr Devine said: "no luck, I have a good understanding of where things should be built." "We do our research".
Mr Devine sold their shares of his former company Devine Ltd to Leighton Holdings last year.
His current business partner, Ken Woodley, was also purchased in agreements that saw men walk with 6.3 million $ and $1. 9 m respectively. Metro property development aims to become world's largest Australia independent property developer.
"I have tremendous sympathy for those affected by the floods, but actually not as bad as what happened in 1974,", he said.
"The level of cleanliness has been significant and it will be necessary to have some infrastructure works, but I think that in a week the CBD will be back to normal".
Developer of private property and former Olympic swimmer Mark Stockwell says only Riverpoint group in the extreme west apartments have water in the basement. The flooding did not reach the residential floors, said.
"Water has now all have bombeadas and there was some damage to the electricals, fixed now."
"Nobody thought that a flood would hit Queensland again."
Mr Stockwell was claims the Brisbane City Council would have to change its rating of Q100. (Q100 rating is a "point of reference in 100 year flood").
"Has to be eradicated," says Mr Stockwell. Engineers and hydrologists have been using this reference point and it is no longer appropriate.
Yesterday, The Australian reported that about 600 of off-the-plan apartments 577 million dollars under unconditional contracts within Brisbane had been affected by floods, with some buyers expected to challenge their new acquisitions.
Property analysts roots predict discounts of up to 50 per cent will have to be offered to sell property in some of the most affected areas in the Brisbane River, while rents for homes in other parts of the city is predicted to increase sharply as people seek another type of temporary housing.
While Mr Stockwell believes that it is difficult to predict the future of the real estate in Queensland in the next 6 to 12 months, he believes the Bank of the River property prices are not affected by the flooding remains stable.
"If your property has not been affected by the flooding there is no reason for the price decrease", said. "The key to the future will see if people want to start again and if so, rental demands increase as they expect from their new homes to be built or who want to return to its existing premises."
"Insurance companies will hardly be standing with open cheque and may take up to six months before appears any money."
"The reality is the property industry still is feeling the effects of the GFC and while you can see short consumption in the construction industry, I don't think it will change the perspective long term".
Jonathan Levy, Director Ejecutivo of Queensland to the unison properties of billionaire John van Lieshout, says the only property affected is furniture Oxley Super A-Mart store It was flooded, causing a loss of stock to the lessee, and various facilities and accessories should be replaced.
"We have around 50 properties and only one affected by what we were very fortunate," said Mr Levy. "We have done much research before buying property, looking at potential areas of people affected by floods, and it has paid off."
"Always check the Q100 and despite level of buy some properties in the P50 level were always sure that was going to survive".
More information on this story in The Australian.
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