Investors snap up cheaper flood-hit homes in Woodburn
May 12, 2022 May 12, 2022
ABOVE: Woodburn Motel has been sold. Photo: Contributed
Houses in Woodburn are selling for 30% less since the floods.
Flood damaged homes are on the market but most listings don’t show the asking price.
Buyers have to ring the agent for the price.
Trevor Manwarring from One Agency in Alstonville said this was to protect the value of properties in areas impacted by floods.
It was a sensitive issue, he said.
Mr Manwarring said it was mainly investors looking to buy. Some were local and some from out of the area.
Some properties needed up to $90,000 to repair flood damage, he said.
Investors were planning to do up the houses then rent them out.
“We’re doing whatever we can” about getting the best price possible for sellers, Mr Manwarring said .
Another real estate agent spoke anonymously about negative remarks made on social media when listing flood damaged houses.
Properties in Woodburn being listed included homes on Richmond St and River Terrace. The Woodburn Motel has been sold.
A River St property was listed as a ‘Flood Affected Home Overlooking The River’.
“This solid old hardwood timber framed and stumped home has had flood water go through the property both upstairs and down. The bones are solid and would suit a builder or handyman willing to renovate and enjoy living close to and overlooking the river.”
It is a sensitive time with some residents deciding to sell and leave the area. Some simply can’t face another flood.