Real Estate Flooding Risks, Interest Rate Cuts & Career Shifts Explained
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Hey, welcome back to another episode of your Real Estate Podcast right around Australia as we cover off all of your property news. You can hear us on Spotify, Apple Podcasts, as well as iHeartRadio. It is a Monday morning back from a crazy, crazy shopping weekend around Australia and where the cash register was ringing red hot, and it's the 22nd day of December, getting very, very close to the big day. And if you were wanting to be in before Christmas and you have managed to achieve that... Hey, congratulations to you. It's quite the deal to be in your new home before you start unwrapping those Christmas presents in a couple of days time. And coming up next, we are going all the way back to February of this year for a look back through the real estate time tunnel.
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The Real Estate Podcast wishes you and your family a fantastic Christmas break and a happy new year ahead.
Yeah, so there are unfortunately, particularly first home buyers who brought at the height of the market through the Crown and the Council came up with a buyout scheme. And so if you went through that process and were categorised as a Category 3, which is for a buyout, the Council would offer you a buyout for that property at the market rate of the day before the flood in 2023. So if you had brought at the height of the market, like many of these first home buyers had, they were stuck in negative equity. And so they either have an offer on the table or they've accepted that offer. And essentially you are correct that they will end up with a mortgage debt on a property that the council now owns.
As I said, they can't live in their properties the amount of time for resolution. Now, this can be the difference between having a breakdown and not having a breakdown with the internal stress that people are under. Now, often this happens to younger people, as we've mentioned, with young children, their world absolutely changes within this flash flooding event. How much of that have you actually seen just in terms of the stress load?
One of the heartbreaking things to have witnessed over the last two years has been seeing people under incredible emotional, financial and mental stress. we would hear countless stories of people who anytime it looked like it was going to rain, had their go bag ready to go with life jackets ready to go. We would hear stories of families, first time buyers, young family in the local school, they're invested in the local community, having to move out of that community. And then all of the financial stresses and loads on top of that. I mean, One of the things that people had is they were paying rates on properties they couldn't live in. So one of the things we advocated for was, well, if they can't live on these properties, they shouldn't be paying rates.
So we advocated for that and we got rates relief. This is one of the unseen tolls that this has, that these ever-increasing weather events are having on people, is the emotional toll, the mental toll that isn't just for the lifetime of the event, but it continues. I mean, just recently we had the anniversary, the two-year anniversary of the flood. And for me, I'm out of the situation. My family and I were able to get out of our flooded home and move into another home. But it brought up a whole lot of memories that I thought were long-bearing. And I think my experience is like many that have been impacted by weather events. It is more than the event itself. It leaves its mark for years to come.
Yes, that whole idea of when it rains, you're inside the house with your go bag thinking, do I have to evacuate? I mean, that is just and not being able to sleep, of course, which is another problem. Now, I've got to ask you this question, especially for people thinking of buying in Australia or anywhere for that matter. And that is where there's been a flood and you hear these various people saying, oh, don't worry about that. That was just a one in a 100-year flood.
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