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$1 Sale Marks Milestone in NSW Flood-Buyback House Auctions

The program resells government-bought flood houses with no reserve on the condition buyers relocate them off the floodplain.

Overview

  • Eleven homes were auctioned in Murwillumbah on November 11 with prices ranging from $1 to about $8,500, including the program’s first $1 sale.
  • Buyers are legally required to move purchased houses to safer land by November 30, 2026.
  • The Reconstruction Authority advises typical relocation costs of about $80,000 to $140,000, with extra steps such as route planning, house cutting, approvals and site works.
  • Local residents bought most of the properties, including former occupants, with one family securing their previous rental for $200.
  • Ten more houses go under the hammer in Lismore on November 17, further auctions are scheduled in December, and more than 700 properties are being assessed for relocation suitability.