It is actually a very nice house, even adjusting for:
That it’s really a nice big two bed - to make it 3 you are putting a bed in a living room.
The not so idyllic location, adjacent to the infamously ugly Richmond Road.
However, I am mostly curious as to how houses that have flooded are sold. Or indeed if they are (I notice a couple of doors up has been sale agreed a long time, but with no sign of an actual sale) Neither can I find any sales on this end of the road or on Grace Park Avenue on the price register.
This house (and the whole lower part of Grace Park Road) was close to the centre of the 2002 floods, and improvement works or not that means it is probably not insurable. Which means you can’t get a mortgage. Which means that unless you’re a cash buyer who likes the idea of sinking 300k into a property that could flood and costs tens of thousands to repair (and I hear the worst of it is the emotional stress) then you really can’t buy it at all.
Apparently there is an offer of 300k plus on this, but I do suspect the bidder has no idea of the flooding issue. And if they don’t, they will find out only if they attempt to obtain a mortgage.
In everyone’s interest, shouldn’t a house’s previous flood-related history be disclosed, even discretely, to bidders? The most likely loser out of this is the vendor.
How much of a discount should you get on a flood-risk house? I always thought houses on Richmond road were pretty cheap because it is not a nice road, but maybe it’s because they are not insurable and are sold for cash.