Australian Property News
Steady growth in Roma despite floods
Posted on Thursday, February 09 2012 at 9:06 AM
The flood clean up has started for mining hub Roma in Queensland’s southwest after the rising water level peaked at a record 8.4 metres last Friday night.
Ironically some of the areas left untouched were the traditionally less desirable areas, according to Herron Todd White property valuer Digby Makim.
Following the third consecutive year of what’s supposed to be a ‘one in 100-year’ event, many locals have been left in shock as they pick up the phone to their insurance companies for the third time in three years.
The Maranoa Regional Council reports that 290 Roma properties were flood affected, with floodwater over the floorboards.
Makim said the areas hardest hit by this year’s flood were the traditionally more desirable pockets of Roma, while those spared were traditionally the lower priced areas in the southern and western pockets simply because these areas are more elevated.
Too early to see the effect on the property values, Makim said once he starts to see sales come through again he’ll have a better idea of the real price impact, and if the traditionally less desirable pockets would consequently experience greater capital growth and rental demand in the short term than the traditionally more desirable yet recently flood-affected areas.
The majority of Roma’s newer housing estates were spared from the flood, said Makim.
The Urban Land Development Authority’s 20-hectare housing site with 300 lots to be released over the coming 4.5 years was entirely unaffected, he said.
Following a year of “moderate growth”, despite the recent flood, Makim expects the Roma area to continue ploughing ahead with “steady growth” as a result of the major liquefied natural gas and coal seam gas projects under development, operating and proposed in the area.
However Makim said with the new land releases and housing coming online this should place a more sustainable cap on phenomenal price growth.
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