More Qld homes added under Resilient Homes Fund

The 300 homes were identified for buybacks under the Albanese and Palaszczuk government’s jointly funded $741 million Resilient Homes Fund, delivered through Commonwealth-State Disaster Recovery Funding Arrangements (DRFA), which has identified over 800 impacted in the 2021–22 floods so far.

Home owners in these flood-prone areas are now set to receive a voluntary home buyback offer under the fund. To date, 370 offers have been accepted for voluntary buyback out of the 473 offers that have been made to home owners.

There have already been 238 sale contracts settled that have allowed flood-impacted citizens to “move on with their lives without the risk of future flooding”, according to the Queensland government.

In addition, a total of 491 valuation inspections have occurred, with the number of accepted offers expected to grow steadily over the coming months.

The state government informed that applications for the Voluntary Home Buy-Back program has closed, however, home owners in flood-prone areas can still apply for the Resilient Retrofit or Home Raising programs until 30 July 2023 under the Resilient Homes Fund.

Minister for Emergency Management, Murray Watt, said: “The Albanese and Palaszczuk government are cooperating to ensure Queenslanders are better prepared and more resilient for future natural disasters.

“Original estimates for the program predicted just over 500 homes would be identified for purchase and now more than 800 will be able to be bought back.

“These additional homes will be purchased through efficiencies identified in the existing disaster funding allocation.

“The Resilient Homes Fund has already delivered major relief to Queensland families who have now been moved to safer ground and it’s great to see it extended.”

According to Queensland Deputy Premier Steven Miles, almost 7,000 homes were damaged during the South-East Queensland floods in “one of the state’s most devastating disasters”.

“As home assessments progressed and flood and risk data was analysed, it became apparent that there were more homes that should be candidates for buyback,” the Deputy Premier said.

“The purchase of more homes will be very welcome news for home owners who want to start again in a safer location and whose land should never be built on again.”

Demolition began at six homes in Goodna in January this year, which were among the first homes to be bought back under the fund.

[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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