Post-flood bargains: 13 Brisbane suburbs where you could bag a home for less

The rain bomb that devastated parts of Brisbane might be a gift in disguise for homehunters, with experts predicting it could be the perfect time to bag a bargain.

This three-bedroom property at 17 Olympic Place, Sinnamon Park, is for sale. Sinnamon Park has been identified by PRD research as a suburb where potential bargains could be found in the wake of the recent floods.

THE rain bomb that devastated parts of Brisbane might be a gift in disguise for homehunters, with experts predicting it could be the perfect time to bag a bargain.

New research provided exclusively to the Courier-Mail by real estate network PRD reveals 13 suburbs where buyers may be able to secure a home for a cheaper price in the wake of the floods.

It comes as property analyst Terry Ryder of hotspotting.com says now might be a “good window of opportunity” for those looking to buy an existing property in Brisbane.

Ryder Research Resources managing director Terry Ryder.

“There will perhaps be a pause (in market activity) and that’s when there’s an opportunity because it’s been so competitive and very difficult for buyers to get in,” Mr Ryder said.

“People who realise less than 2 per cent of Brisbane homes were actually directly impacted by flooding will see there’s an opportunity to buy with less competition likely in the short term.”

Properties in the suburb of Goodna in the far south-western outskirts of Brisbane are seen inundated by flood waters. Photo: Bradley Kanaris/Getty Images.

The bargain hunting has already begun in some areas, with real estate agents in flood-affected suburbs receiving calls from people looking for cheap properties hit by the floods.

“It’s a bit of a scavenger hunt,” Lisa Jensen of First National Real Estate - Ipswich said. “You don’t want to be cashing in on people’s heartbreak.”

Ms Jensen said she was “flat out” dealing with buyer inquiries — even for homes in areas impacted by the floods, including Goodna.

Members of the Australian Defence Force (ADF) help with the clean up of flood affected properties in Goodna, west of Brisbane. Picture: NCA NewsWire/Dan Peled.

“We’ve sold so many properties that have been flooded over the roof before,” she said. “Some people are happy to take on the risk when they weigh up the benefits of being close to a river and the city.”

PRD has data-mined the 144 suburbs Brisbane City Council ‘put on notice’ as areas of high-risk of flooding when the disaster occurred last month.

This four-bedroom property at 36 Knightsbridge Dr, Chuwar, is for sale for offers over $589,000.

Of these, nine suburbs were identified as experiencing 10 per cent or less price growth in the 12 months between 2020 and 2021 and negative growth in the year after the 2011 floods, including Chuwar, Gumdale, Herston, Kalinga, Petrie Terrace, Seventeen Mile Rocks, Sinnamon Park, South Brisbane and St Lucia.

Students paddle around their flooded apartment blocks in St Lucia after floods and rain swamped Brisbane. Picture: Lyndon Mechielsen.

“The justification behind this method is that for an area that saw less than 10 per cent growth between 2020 and 2021, there is more of a chance of declining prices in 2022, given its negative price growth history post the 2011 floods,” PRD chief economist Dr Diaswati Mardiasmo said. “Therefore the chance of grabbing a bargain is higher.”

Dr Mardiasmo said there were another four suburbs where potential bargains could be found, including Albion, Doolandella, Pinkenba and Willawong.

PRD chief economist Dr Diaswati Mardiasmo.

These are suburbs that experienced double-digit negative growth the year after the 2011 floods and 15 per cent or less growth in the 12 months between 2020 and 2021.

“The market has grown significantly since the 2011 floods, and due to the current and ongoing supply and demand imbalance, has become quite price resilient,” Dr Mardiasmo said.

This four-bedroom property at 13 Glider Close, Doolandella, is for sale by negotiation.

“However, there are certain suburbs that are located on or near flood plains that have historically shown to be quite heavily impacted by floods, time and time, again; and these would be the areas in which there is a greater chance of a bargain.”

Flooding in the suburb of Albion in the wake of the Brisbane rain bomb. Picture: Liam Kidston.

Mr Ryder expects the market to recover faster than it did in 2011, when prices were already in decline, because of significant growth drivers.

“I think this time the recovery will be faster and more emphatic because there is just so much

demand and rising momentum in Brisbane, generated by its relative affordability, its overall

lifestyle, a big infrastructure spend, the prospect of the 2032 Olympics and the re-opening of

state and international borders,” he said.

CoreLogic’s head of research Tim Lawless predicts the second major flood in Brisbane in just over a decade will impact buyer confidence and encourage homehunters to look to higher ground.

This three-bedroom property at 246 Learoyd Rd, Willawong, is for sale by negotiation.

“One positive outcome that will come is the mini economic boom which events like this cause

as a result of the recovery spending. Various levels of government will pump money back into repairing infrastructure and homeowners will spend their insurance payouts on repairing or rebuilding homes.”

“Sentiment will be somewhat dented, especially in those areas where properties are low-lying in the flood-affected areas and it will make buyers more cautious about the locations they are considering,” Mr Lawless said.

“It may do the opposite in areas that were high and dry, with a lot of that demand to pivot towards areas that have not been impacted by flooding.”

This six-bedroom house at 8 Gordon Circuit, Seventeen Mile rocks, is for sale.

jason Adcock of Adcock Prestige said there was likely to be “a very big push to premium hilltop locations”.

Mr Adcock said suburbs like Hamilton, Ascot, Balmoral, Bardon and Paddington would become even more appealing.

“There will be a definite short-term shift to those areas,” Mr Adcock said. “There are a tonne of buyers that want to buy, southerners that need to transfer here, plus we have that international buyer contingent.”