Ray White offers advice after ‘rain bomb’

Ray White last night hosted a live property webinar aimed at the areas impacted by the ‘rain bomb’ in south east Queensland and the Northern Rivers of NSW to help property owners, landlords, tenants, sellers and buyers understand what’s happening on the ground now.

Ray White Queensland CEO Jason Andrew said it was important to dispel any stigma attached to the weather event and the ongoing impact on the property market.

“It's important to amplify the point that we as a company really do see the rain bomb as a whether event, that has impacted a very broad section of our community,” Mr Andrew said.

Data shows that places affected by natural disasters are generally located in highly desirable areas and over the long term, it has a minimal impact on home values.

Ray White Concierge CEO Kelly Tatlow is the group’s insurance guru. Ms Tatlow manages the Concierge insurance business nationally, assisting over 6000 new customers per month who are buying and selling or renting property, with home insurance.

Ms Tatlow is right now helping Ray White customers who have been impacted by the floods.

Right now the most important thing was to check your insurer’s product disclosure document to see what cover you have.

“If you have had damage, lodge a claim online as soon as possible. Even if you're not 100 per cent sure of the extent of the damage, or whether your claim will be paid under your policy, provide as many details as you can.” She also said if it was safe to take photos or videos, then add them to your online claim to speed up the process.

She said many people may not realise that if their insurance policy covers their building or contents damage for their particular insured event, their policy may also cover them for temporary accommodation up to certain limits, in some cases for up to 12 months if necessary. .

Ray White Chief Economist Nerida Conisbee said naturally it was to be expected there would be far fewer sales taking place in the next year in flooded areas.

“This is the clean up phase when homes are either being rebuilt or repaired. Within three years following a natural disaster - homes will have been rebuilt and ideally there will have been significant government spending to minimise the chance of a similar event occurring,” Ms Conisbee said.

“Home values typically increase as better and safer homes are built in place of older homes.

Within five years following a natural disaster - provided the natural disaster hasn’t re-occurred, house price growth is typically following the local market or is being driven by other factors such as population growth.

“The 2022 floods are different to what happened in 2011 in that it is a weather event only. In 2011, it was a combination of wet weather and a city infrastructure failure. In addition to this, there was significant government spending to ensure that a similar disaster to 2011 would be averted as much as possible.”

The most recent median price data shows how desirable riverside suburbs are in Brisbane. Graceville and Hawthorne for example have seen more than a doubling in their median prices since 2011.

Elsewhere, Ray White New Farm Principal Haesley Cush wanted to dispel any myths for any interstate owners or buyers who were not on the ground in the river city.

The inner city group has a rent roll with about 1100 properties across Brisbane, and yet only seven properties have been deemed completely uninhabitable.

“Our tenants and our landlords have been our top priority. So many people only see the worst of the worst in the media and they want to know what’s happening on the ground. Our property managers have been amazing, reassuring our owners. I am so proud of our team and how they have rallied in the clean up,” he said.

“I'm incredibly proud to be a business leader of our team and in our community right now.”

Likewise Cameron Crouch, owner of Ray White Sherwood | Graceville, spoke of the community spirit in his leafy riverside neighbourhood, a place which was like “ground zero in 2011”.

“We’ve been here before, in fact it felt like it wasn’t all that long ago. We live and work in an incredible community where people help each other out.”

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In Lismore, barely four days after the catastrophic rain event, Ray White Lismore owner Neil Scott described the “mass devastation” in the city.

“We’ve had unprecedented levels of water. So much of the community has been affected. The CBD has been wiped out and the devastation has been catastrophic but one thing I am confident of is that the town will come back. It’s going to hurt but our community has banded together already.”

More than 100 Ray White Lismore rental properties have been affected and the business’ priority was to check on all tenants and staff.

“All of our tenants are ok but the loss of property is a different story. The town will show its strength.”

So how can you help?

Ray White has kick started its fundraising platform that was born out of the 2020 bushires called Beyond the Bricks. The White family has donated $50,000 to the flood appeal.

Go to www.raywhite.com/beyondthebricks/ to donate to GIVIT, The Salvation Army, St Vincent de Paul’s flood appeal, WWF’s emergency flood appeal supports the rescue and care of flood affected animals or the Red Cross.