The Weekly Real Estate Special Report, November 3, 2022

Real Estate SPECIAL REPORT

Buyback scheme a game-changer

FLOOD-AFFECTED local residents have welcomed the announcement of an $800 million program to help residents in flood-prone areas raise, repair or retrofit their homes, or leave the floodplain permanently through a voluntary home buyback plan.

Around 2,000 homeowners, including many in the Tweed Shire, will be eligible for the Resilient Homes Fund package.

Lismore MP Janelle Saffin had to swim out of her flooded Lismore home and has been fighting for flood recovery funding ever since.

“I thank Prime Minister Anthony Albanese and NSW Premier Dominic Perrottet for coming to Lismore today (October 28) to jointly announce the fund, that includes voluntary house purchase (including relocatables), voluntary house raising, and retrofitting to make homes flood resistant, to make residents safe and secure,”

Ms Saffin said in a media release

“This really is a landmark day in the history of the Northern Rivers region.

“It is the start of giving local people clarity about their choices in the future, and speaks to the transformational adaptation to natural disasters.

“I am thankful for the range of flood recovery grants on offer, some of them new ones which I have strongly advocated for, but a Resilient Homes Fund for our

region — similar to that offered to Queensland homeowners in April — was critical.

“I’m pleased that the Albanese Labor Government has come through for our region, only taking four weeks to respond to the NSW Government’s formal request made at the end of September.”

Mayor Chris Cherry also thanked the Prime Minister and NSW Premier.

“This is an incredible announcement for our community, and we thank the Australian and NSW governments for hearing our calls to support our community,” Mayor Cherry said.

“This funding will make a real and lasting difference to our flood vulnerability into the future, but more than that, it will be a chance at a new beginning for so many of our families.

“This seems like a really wellthought-out program that has the potential to be the single-most impacting action government has taken since the flood.”

The head of the Northern Rivers Reconstruction Corporation David Witherdin said the buyback would be based on pre-flood market values.

The NSW state government’s Resilient Land Program is aimed at finding suitable land for housing with landholders who own two hectares or more in the affected

Open Homes

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48 Wardrop Street, South Murwillumbah, 9-9:30am

5 Kintyre Crescent, Banora Point, 10-10:30am

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42 Meadow Place, Uki, 12pm-12:30pm

10 Culbara Place, Stokers Siding, 12:45pm-1:15pm

4 Ted Brown Close, Kunghur, 12:45pm-1:15pm

shires out of the flood zone and close to amenities invited to participate.

The Weekly spoke to one local resident, who preferred not to be named, about the announcement.

“It was the best news, we’ve been waiting so long for this, so it was just excitement and relief that finally something is going to happen,” the resident said.

“This has been a stressful experience waiting for help to finally arrive as we have been on the VHP scheme since 2017. This has had a major impact on my family’s mental health.

“It means we will have options to secure the safety of our family by being out of the flood zone or raising our homes to be out of the flood level.

“There are three options: Voluntary House Raising (VHR) Voluntary House Purchase (VHP)

150 Midginbil Road, Midginbil, 1:30pm-2pm

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and land swap.

“They are saying they will purchase them back for pre-flood market value.

“We will be looking to buy somewhere else, but a lot of people are waiting for the land swap because if they sell their homes they may not be able to afford to buy in the area even at pre-flood market value.

“Land swaps could take up to three years though because they will have to do earthworks, get power in, septic, water etc to the new land.”

As far as the impact buybacks will have on the market, it is likely to create increased demand.

“I can only assume if people are selling their houses there will be a lot of people looking to repurchase,” the resident said.

“It could worsen the housing crisis because they are planning

11 Mourne Tce, Banora Point ‘$1,195,000’ 10-10:30am NSW Time 45 Avondale Dr, Banora Point ‘Price Guide $950K-$995K’ 1010:30am NSW Time 7/28 Stanley St, Tweed Heads ‘$550,000’ 10-10:30am NSW TIME 8/13 South St, Kirra ‘1,195,000’ 10-10:30am QLD Time 4/143 Golden Four Dr, Bilinga ‘Interest Over $700K’ 10-10:30am QLD Time

3/12 Marian St, Tweed Heads West ‘Price Guide $450K-$460K’ 11-11:30am NSW TIME

73 Coolangatta Rd, Kirra ‘Interest Over $2.950M’ 11-11:30am QLD Time 1025/14-22 Stuart St, Tweed Heads ‘Price Guide $685K-$710K’ 12-12:30pm NSW TIME 2124/14-22 Stuart St, Tweed Heads ‘Price Guide $835K-$885K’ 12.30-1:00pm NSW TIME

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to demolish the homes.

“It will be hard for people to find somewhere to buy as there isn’t that much available to purchase and so people will be looking for rentals.

“I assume it will create demand for rentals and properties to buy in the area.

The resident, whose house is still waiting for insurance to complete the make safe since the flood, said she wasn’t going to count her chickens until they hatched in regards to the VHP, VHR, land swap.

“It’s all just announcements at this stage,” she said.

“There are information sessions coming up so we will hopefully know more after that.”

Information sessions run by the Northern Rivers Reconstruction Corporation for impacted local residents will provide more information and details on buybacks, land swaps, relocatables, retrofit and house raising.

There is a meeting in Murwillumbah on November 8 at the Murwillumbah Services Club from 9:30am to 10:15am and another from 11am to 11.45am.

You need to register to attend by searching Resilient Homes Program – Community Information sessions. Ms Saffin has requested NRRC do evening sessions as well.

18 Merlot Court, Tweed Heads South, 9-9.30am

35 Yalla Kool Drive, Ocean Shores, 10-10.30am

36 Mullumbimbi Street, Brunswick Heads, 11-11.30am

10 Flintwood Street, Pottsville, 11am-12pm

1/3 Halyard Court, Ocean Shores, 12pm-12.30pm

20 Wirruna Avenue, Ocean Shores, 1.30pm-2pm

5 Terrara Court, Ocean Shores, 2.15pm-2.45pm

Tate Brownlee Real Estate

14 Point Lookout Chase, Murwillumbah, 9-9:30am

1/85 Henry Lawson Drive, Terranora, 10-10:30am

1 Admiralty Place, Banora Point, 10-10:30am

3 Augusta Place, Banora Point, 11-11:30am

4 James Cooks Dr, Banora Point, 12pm-12:30pm

12 Ribbonwood Pl, Terranora, 12:30pm-1pm (Auction 1pm)

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Sunday, November 6

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19 Chevell Place, Smiths Creek, 9-9.30am

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Lismore MP Janelle Saffin speaking in Lismore with the PM on the announcement

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