NSW Reconstruction Authority sells flood buyback homes for as little as $1
This house sold for $1 on Tuesday in the NSW Northern Rivers region. (Supplied: First National Real Estate Murwillumbah)
In short:
Flood-affected houses in the NSW Northern Rivers have been sold for as little as $1.
The NSW Reconstruction Authority is selling the homes without a reserve price — but they must be relocated from existing sites within a year.
What's next?
The government has 700 more properties that it is assessing to see if they are suitable for sale and relocation.
A flood-affected house in New South Wales has been sold for $1.
It is one of 11 houses sold at auction as part of a state government scheme to sell flooded homes for relocation on the far north coast.
Other houses were sold for $5, with the highest price reaching $8,500 at the Murwillumbah auction on Tuesday night.
First Nation Real Estate Murwillumbah principal Scott Reading said each time a house was sold, it was met with loud cheers and applause.
"It was an excited mob, and there was disbelief that they could pick up such a good property for the prices they were going for," he said.
Mr Reading said nine out of the 11 sales went to local residents, some of whom had lived through the floods that damaged the houses.
The buyers will cover the cost of relocating the homes to a safe location.
Grand designs, bargain prices
In a nation in the grip of a housing crisis, Mr Reading said the prices represented unbeatable value.
"Most of them were in really good condition; some of them had even been renovated after the floods, so they are pretty much ready to move into," he said.
Some of the homes sold need work, and there are costs involved with relocation. (Supplied: First National Murwillumbah)
"There was probably only one that needed work, but it was a beautiful iconic Queenslander home."
Jaya Roche and her partner, Cory, were not intending to buy a house, but called in to the auction out of interest.
Jaya Roche and Cory, pictured with auctioneer Dave Eller, have bought their first house for $200. (Supplied: Jaya Roche)
"We didn't go in with the intention of buying anything, but when they were going for $5 and $1 we were like, why not? Let's bid and see what happens — it was a spur of the moment [decision]," Ms Roche said.
"It was pretty surreal … like, did we just buy a house?
"I would have pictured us buying our first house and asking for a loan of $600,000 plus, not $200."
Feels like 'home'
The couple and their daughter, Mila, are no strangers to the home they purchased.
They were renting the very same house, but lost everything when it was flooded in the 2022 NSW flood event.
Jaya Roche and her family lost the contents of their rental home when it was flooded. (Supplied:Jaya Roche)
Three months after the flood, they moved back into the house, and Ms Roche found out she was pregnant with their second child, Archie.
But they were soon on the move again.
"We got an email that the house had been sold to the Reconstruction Authority (RA), and we had 90 days to move out," she said.
But the house remained in their hearts.
Jaya Roche fell in love with this fireplace when she rented the property. (Supplied: First National Real Estate Murwillumbah)
"We just love the house, ever since we looked at it when we were looking for a rental," Ms Roche said.
"The character, [and] there's a big, beautiful fireplace — I instantly fell in love with it.
"It just feels like home for us, even though it was a rental."
Housing affordability redefined
Kristie Clarke, executive director of the RA's Northern Rivers Adaptation Division, said the buyback program was unique.
"This has never been done anywhere in Australia and possibly even the world that I am aware of, through a state government buyback program, where homes have been offered to the community with no reserve," she said.
A $1 house may be a bargain, but there are still costs to remove and relocate the house.
On its website, the NSW Reconstruction Authority (RA) estimated the average cost to relocate a home was between $80,000 and $140,000.
Ms Clarke advised prospective buyers to do their due diligence, getting quotes and investigating the route of the relocation, access and site suitability.
"Often relocation providers will need to cut the house in half, so it might be going on two trucks, so that increases the costs," she said.
There is also design, approvals, compliance, and site works to factor into the cost.
More houses on offer
On November 17, 10 more houses will go under the hammer at an auction at Lismore.
"It's an opportunity for people in the community to purchase a property for as little as $1," Ms Clarke said.
A further 24 homes will be released by the end of the year, with auctions scheduled for December.
The RA had more than 700 properties being assessed to see if the houses were suitable for relocation.
"We are really excited to see this program continuing until early next year," Ms Clarke said.
Jaya Roche and her family once rented this house, but have now purchased it. (Supplied: First National Real Estate Murwillumbah)
The excitement was contagious, as reality set in for new home owner Ms Roche.
After living in the house through the flood, she believed the home coming back into their lives was poetic.
"It feels like a very full-circle moment, the universe's way of putting us back to where we were after everything that happened."