Ipswich flood houses not seen as value buys

WHILE the 2011 floods hardly deterred investors in Brisbane, Ipswich real estate agents say the event has unfairly tarnished the local market.

WHAT CAN I DO?: Tivoli resident Pamela Lee is trying to sell her house that was inundated in 2011 but has had no interest from buyers. Picture: Rob Williams

WHILE the 2011 floods hardly deterred investors in Brisbane, Ipswich real estate agents say the event has unfairly tarnished the local market.

Homes damaged by the floods have sat on the market for months attracting little to no interest.

Bundamba-based sales manager for Atlantic Real Estate Ryan O'Connor, whose own office was inundated by floodwaters in the 2011 floods, said the experience was heartbreaking.

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"Like every other homeowner, they sink all of their money into doing it up and making it appealing and making it a home, and regardless of how appealing the houses are, as soon as you mention that word flood, people won't touch it," Mr O'Connor said.

"It's still very fresh in Ipswich, I guess because we are associated with Wivenhoe, Colleges. I think it's time people start putting it in the back of their mind and moving on from it."

Mr O'Connor said there were good buys out there which were overlooked because they were flood-affected properties.One example was a home listed at 26 Wyndham St, Tivoli.

Owner Pamela Lee bought the home after the floods, knowing it was completely underwater in 2011 and said she "snapped it up" because it was a good buy and not structurally compromised.

She has spent $80,000 and much of her own time renovating the property.

The inside has been repainted, the exterior recladded, the entry foyer rebuilt, new concreting and the home has been replumbed and rewired.

She put the home up for sale in November for $311,000, wanting to downsize, and has not had one inquiry about the property.

Recently listed with Atlantic Real Estate, sales associate Marlene Millers said it was not the price deterring potential buyers.

"It is listed offers invited, so it is not the price.

"We can't get anyone here.

"We have been out and about and talking about it and we are not getting one person because of the stigma of the floods," she said.

"We do get a buyer eventually because that buyer sees value for money.

"We just feel for people like Pamela that aren't getting that positive reaction to their beautiful homes."