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| Cr Paul Tully predicts price boom in the wake of revised flood modelling. |
A real estate boom is predicted for flood affected properties in the wake of the proposed class action against the state government.
Maurice Blackburn lawyers have confirmed they will proceed with a billion dollar class action seeking compensation for victims of the 2011 flood in Ipswich and Brisbane.
Ipswich councillor Paul Tully who lost his own home at Goodna in the flood said home buyers and investors were likely to flock to the market now new modelling showed very few homes would have flooded two years ago.
Cr Tully said only 15 of the 600 homes at Goodna would have been inundated if Wivenhoe Dam had been properly managed.
He said homes at Goodna had been selling for less than $100,000 since the flood.
"House prices dropped more than $200,000 overnight in the suburb when the flood hit.
"Buyers can be confident the 2011 Brisbane River flood would have been a non-event which will now drive prices higher very quickly.
"There are literally hundreds of real estate bargains between Ipswich and Brisbane with a new found confidence likely to hit the market."
Cr Tully called on banks and other financial institutions to review their lending criteria in light of the revised flood modelling.
He also said insurance companies should review their premiums which jumped by up to 1000 percent after the flood.
"There is no longer any justification for their rapacious premiums."
22.1.13
