Council improving Milton real estate
Milton is benefiting from the $10 million rollout of backflow devices across Brisbane with a new device on Cribb Street. With further storm water drains being installed in Railway Terrace and across the suburb what does this mean for real estate prices in Milton? After the devastation to some areas caused by the 2011 flooding clearly this event is still of concern. The limited impact from January 2013’s rains also contributed and this is perhaps becoming more topical with the prediction of high rainfall during December 2013 and January 2014 period.
In response to the 2011 flood, the Brisbane City Council commissioned an investigation into the feasibility of using backflow prevention devices to mitigate flood impacts in Brisbane. The investigation focused on three case study areas — the CBD, Rosalie/Milton and New Farm — while also reviewing other areas along the Brisbane River that may benefit from backflow prevention devices.
Currently $305,000+ has been spent on four backflow devices on the Cribb Street Drainage system that will benefit 67 properties in the Milton area also. Lord Mayor Graham Quirk explained “This four year program (already underway) will reduce the risk of backflow flooding for about 80 per cent of properties impacted in 2011 once complete.”
However Cr Quirk said that while backflow devices had their benefits, they were not a silver bullet.
“Backflow devices are not suitable in every case and will not stop a river flood like in 2011. This is about reducing any future impacts on those properties identified during the January flood as being susceptible to backflow flooding during more minor, regular flood events.”
So what does this mean for us local residents and the value of our Milton real estate? According to the commissioned investigation, it will result in the significant reduction in risk from backflow flooding but some areas will still be vulnerable to river flooding as is any riverside suburb. To put it into context however it is thought that the damage caused in 2011 and 2013 would have been significantly less if the backflow prevention devices had been in place. What does this mean for residents in the areas affected by flooding in 2011? Firstly these areas are still in the flooding regions on the flood risk maps and still commanding higher flood insurance premiums, but real estate demand and prices could possibly improve as the risk of flooding is reduced.
Overall more good news for Milton real estate!