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Property News

Lowered Queensland prices give DIY homeowners a chance

January 16, 2012

New research from a leading real estate organisation has shown that the floods in Queensland have affected the markets in some interesting ways.

The Australian Property Institute (API) released a report into the ongoing effects of the disaster to the Courier Mail on January 16 which shows that many houses affected by the natural disaster were experiencing a slowdown in buyer interest.

While many homeowners had chosen to perform repairs to their residences, those that chose to sell found that buyers valued land that had experienced flooding to be worth a 10 per cent discount.

According to a spokesman for API Gavin Hulcombe, Queensland's "soft market" had helped to "exaggerate" the perception in the minds of the market that residential properties damaged by natural disasters were worth less.

Hulcombe asserted: "The fact that it [the flood] is now a recent memory will impact values for a while yet and probably with the availability of information that's out there now, even aerial photos and those sort of things, I think it is always going to be much more at the forefront of minds in the future."

However, the API report showed that the affected real estate was often bought from vendors by registered tradesmen.

This could indicate that the market in the sunshine state is about to experience a boom in DIY homeowners, with skilled professionals taking advantage of their experience to repair and upgrade their new properties.

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