First offers made for Northern NSW buyback program

Deputy Premier and Minister for Regional NSW, Paul Toole, stated the Northern Rivers Reconstruction Corporation (NRRC) looks to make the offers by the end of April.

The program, entitled the Northern Rivers Resilient Homes Fund, was first announced by Prime Minister Anthony Albanese and NSW Premier Dominic Perrottet on 28 October 2022.

The funding package aims to support residential home owners impacted by the February–March 2022 floods, offering 2,000 flood-risk home owners to repair, retrofit, or have their home bought back.

The jointly funded program by the Commonwealth and NSW state governments set aside $800 million for the program, with $700 being allocated for retrofitting ($50,000 per home), housing raising ($100,000 per home), or in locations where the chance of floods exceeds one in five, home buybacks.

The remaining $100 million is to be used for land acquisition to provide local options for those who choose to relocate through the scheme.

Federal Minister for Emergency Management senator Murray Watt stated the $700 million aimed to support thousands of home owners in the Ballina, Byron, Clarence Valley, Kyogle, Lismore, Richmond Valley, and Tweed local government areas (LGAs) to “re-establish their lives after the devastating floods”.

“By getting people out of [harm’s] way we can help to prevent repeats of the life-altering floods we’ve seen in the last few years in the Northern Rivers,” Senator Watt said.

“This package is about protecting families and properties from future floods, and is one of a number of recovery supports being offered in the region.”

Mr Toole stated this first buyback offer “marks an important milestone” for the Northern Rivers recovery.

“This can give the community the confidence that we are moving forward with our promised support and confirms we will leave no one behind on the recovery ahead,” he said.

“This program allows flood-affected locals to weigh up their options on their own terms and in their own time — and puts support around them through that process.”

Last month (January 2023), the Queensland state government began demolishing homes as part of the state’s own buyback program, which had 160 homes under review.

Six homes in Goodna were among the first homes to be bought back under the jointly funded $741 million Resilient Homes Fund, delivered through Commonwealth-State Disaster Recovery Funding Arrangements (DRFA).

[RELATED: Qld flood-stricken homes bulldozed as part of buyback scheme]

Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

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