A researcher from real estate agency Place has urged residents in flood-affected Brisbane to hold onto their homes rather than selling at a discount.
Researcher Lachlan Walker has said property values in Brisbane could recover to pre-flood levels within 12 months, and homeowners should resist selling quickly in the aftermath of the disasters. Walker commented that affected properties along Brisbane's riverfront can expect to recover their value in spite of damage from the floods.
"Riverfront properties are likely to see a period of uncertainty in the short term, however they will recover their value much faster than the non-riverfront properties affected as riverfront properties remain scarce and inherently associated with prestige," Walker said.
Walker has also pointed out that median house prices affected as a result of the 1974 floods recovered their pre-flood values within 12 months. He said those homes undamaged by the flooding will benefit from a housing supply shortage in the area.
"Many homes which were on the market will be removed in order to undertaken renovations to repair flood damage. The result will be positive for those properties and suburbs which were unaffected as less competition will exist," Walker commented.
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