All water under the bridge for Brisbane Riverfront buyers - Jason Adcock


Sheila Wyldbore and her husband Ron are selling their riverfront property at 111 Lather Rd Bellbowrie click here

Riverfront property in Brisbane is again the city’s most in-demand and valuable, just seven years after the devastating 2011 floods.

Research by CoreLogic found many of the worst-affected suburbs in 2011 recorded the strongest property price growth in the past five years, led by Fig Tree Pocket, Bulimba and Yeronga.

Median house prices in leafy Fig Tree Pocket in Brisbane’s inner west soared 52.7 per cent from 2012-2017, almost twice the Brisbane average of 26.7 per cent.

Bulimba followed with 44.7 per cent median price growth, then Yeronga on 42.4 per cent.

Others to rank in the top 10 were New Farm, Tennyson, Indooroopilly, Windsor, Hamilton, Norman Park and Corinda.

Only Pinkenba near Brisbane Airport failed to record property price growth above the Brisbane average, with an 11.8 per cent ­increase in the past five years.

Fig Tree Pocket real estate agent and resident Cathy Lammie said the attitude of buyers to flood-prone property was mixed.

“Some people care, some ­people don’t,” Ms Lammie said.

“It’s a personal choice. Some people don’t want to build on a main road; it’s the same thing as far as I’m concerned.”

Riverfront property specialist agent Jason Adcock said he ­believed buyers were astute enough to realise the 2011 floods were largely due to the poorly timed release of water from Wivenhoe Dam.

“In 2013 we had just as much rain in the catchment area but the flooding was nowhere near as bad,” Mr Adcock said.

Among his recent sales was 127 Laurel Avenue at Chelmer for $5 million, which had “water all through it in 2011”.

“There are only 850 riverfront properties in Brisbane and supply is diminishing because some are being replaced with high-rise apartment buildings,” Mr Adcock said.

“That’s why we’re seeing such good growth in prices — there’s less supply and more demand.”

Sheila Wyldbore said she was hopeful of getting a good price for her riverfront house at 111 Lather Rd Bellbowrie after seeing other properties fetch strong interest in the area.

“We’ve had a few house sales since the floods and all have been snapped up,” Ms Wyldbore said.

Ray White Sherwood/Graceville agent Cameron Crouch said his agency had sold the most flood-affected properties of anywhere in Brisbane since 2011. “We have a lot of interest in all properties in the area whether they’re flood-affected or not,” Mr Crouch said.

“So much so, I bought a property that went through the 2011 floods myself as an investment property. There’s a lot of growth in the area yet to come, because it’s close to schools, parks and the river, which is still seen as very ­desirable.”

Mr Crouch and partner Aimee Carding paid $722,500 for the three-bedroom Graceville house, up from $162,500 paid in 2013, and $163,000 pre-floods in 2000.

He said the price growth in the area did not discriminate between properties that flooded in 2011, and those that did not.

Data from the Real Estate ­Institute of Queensland showed 29.1 per cent growth in prices for Graceville in the past five years, and 26.3 per cent for Sherwood.

Darren Piper, from Universal Buyers Agents, said properties close to the Brisbane River would continue to be highly sought after.

“If you consider the likelihood of another once-in-100-year flood happening again in our lifetime is quite low, you can see why perceptions have shifted,” Mr Piper said.

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Jason Adcock - Prestige Property Specialist

Jason Adcock is the Principal of Adcock Prestige. He has been recognised by his peers for his energetic, dynamic approach to the Brisbane Prestige Property market and applauded for… View full profile