Grantham flood home goes on market
TWO months ago this three-bedroom house in Grantham would have sold for $250,000.
But today, 14 Anzac Ave is going on the market for just $99,000.
Ray White Rural Gatton principal Andrew O’Brien said it was a sign the flood-ravaged community was moving forward.
“We need to look ahead and rebuild this community,” Mr O’Brien said.
“What happened was just a freak occurrence.”
On January 10, a wall of water tore through the close-knit community without warning, destroying homes and killing 17 people.
Eight weeks on and the community is doing everything it can to rebuild lives and a town they love.
The three-bedroom country cottage for sale was not immune to the destructive water that ripped through the town, nor the debris carried with it.
But the attractive home set on 3000sq m (three quarters of an acre) in the town’s main street escaped the worst of the water’s destructive force.
“After the ’74 floods people moved on and rebuilt and that’s what people are doing now – moving on with their lives,” Mr O’Brien said.
He said the home was perfect for an investor or someone looking for a home with plenty of potential.
“This property could cost about $50,000 to do up but it has the potential and that makes it a good buy,” he said.
“A few people have asked me what to do with a property that is damaged and it’s case by case.
“Generally, I have been saying if their home is retrievable (uninsured or insured) don’t demolish it.
“The reason is to minimise financial loss.”
Mr O’Brien said having a structure on a property, whatever the condition may be, will appeal to the investor.
“If the structure needs say $20,000 to $50,000 to bring the property back to a habitable condition then an investor will see that they can purchase the property for an amount that can give them a return,” he said.
“Minimum rent around the Valley ranges but say it’s Grantham, then $200 to $250 a week for a low-set non-air- conditioned timber home is not unreasonable.
“This means an investor gets good return and asking $170,000 to $200,000 for a finished home gives them a four to five per cent return.”
The Anzac Avenue property is the first home to go on the market after January’s flood event.
“We’ve got to move forward and put things behind us. This is the first step to getting back to normal,” Mr O’Brien said.