Hail-battered homes a dream for potential buyers
POTENTIAL homebuyers eager to break into the Springfield Lakes market may soon be able to snap up the fixer-upper of their dreams.
It comes after it was this week revealed several properties to recently hit the market had sustained major damage in October’s freak hailstorms.
Johnson Real Estate sales consultant Harry Gale spoke exclusively with the Queensland Times on Thursday, confirming many residents had opted to cut their losses and sell amid an “active buyers market.”
Mr Gale last month managed the sale of a Moonbeam Street property which had been deemed “uninhabitable” as result of the storms.
He sold another badly damaged property in the area, before it had even hit the market, just last week.
The respective properties each fetched between $400,000 to $413,000.
“Moonbeam Street was heavily affected in the storms, it needed its full roof replaced, ceilings replaced and a lot of walls,” Mr Gale said.
Its former owners – a young family – purchased the four-bedroom home in August last year, with plans to undertake minor renovations.
“As a seller, I would say it’s really good opportunity to get the most out of your damaged property, with it also being a relatively stress-free experience,” Mr Gale said.
“The new owners are residents here at Camira and were looking for something a little bit bigger.
“It’s quiet a big market and with not many properties being available, especially in Springfield Lakes where there’s mostly new estates, it’s a pretty good opportunity.”
Mr Gale said the terms of the Moonbeam Street sale were “really good” and did not include clauses for either finance or building and pest, with a 21-day settlement.
“The buyer had to be in a position where they could take on a property as is condition and accept that the owner wasn’t prepared to do the works to repair it.
“The former owners (of the second property sold) were in the exact same position and were forced to live in an Airbnb for three months because of how bad the damage was. They couldn’t wait any longer.
“They actually sold their property to buyers that missed out on Moonbeam Street.
“There is such big market for buyers willing to take on properties in that condition.”
Mr Gale said the opportunity could prove a simpler way for first-time buyers to enter the property game amid the state’s current housing crisis.
“There’s also people flipping properties who will buy it and then ideally sell it at a profit, and others that will just buy it and renovate it to stay there long-term.”
Mr Gale said it was important any persons looking at purchasing damaged properties be well informed.
He said an expected surge in demand for similar listings would likely result in increased sale prices.
Read more stories by Kaitlyn Smith here.