In a dramatic response to catastrophic flooding, homes in the New South Wales Northern Rivers region are being sold for astonishingly low prices, with one property changing hands for just £50.
Auction Sees Homes Sold for Nominal Sums
An auction held earlier this week at the Lismore Workers Sports Club saw a house on Simmons Street in North Lismore become the cheapest sale, fetching a mere £50. This property was among ten flood-damaged homes offered, with prices ranging from that symbolic figure up to £125,000.
Other notable sales included a £100 home on Cromer Street in South Lismore and two houses on Union Street that sold for £320 and £500 respectively. The most expensive property sold was on Magellan Street in the town centre, which went for £125,000.
Government-Backed Scheme Aims for Community Recovery
This event forms part of the wider Northern Rivers buyback auctions, a programme that has sold more than 100 properties since it began in December last year. The scheme has seen even lower prices, with one home sold last week for just £1, followed by four others that each sold for £5.
The ambitious £880 million scheme, jointly funded by the NSW and federal governments, is designed to acquire homes earmarked for relocation away from the high-risk floodplain.
Creating Fresh Starts and Housing Opportunities
Minister for Recovery, Janelle Saffin, stated, 'Each auction is another step forward in helping flood-affected communities recover and rebuild.' She emphasised that the auctions were never about the sale price, but rather about 'getting these homes repurposed for a safe future.'
The initiative has proven particularly beneficial for first-time buyers, with more than 60 first-time homeowners successfully purchasing properties through the auctions.
'It's heartening to see a lot of young families getting a foot into the housing market and these homes a second lease on life,' added Ms Saffin.
Kristie Clarke, NSW Reconstruction Authority Northern Rivers Adaptation Executive Director, shared encouraging stories, noting 'families who have become first-time homeowners thanks to this initiative.' She described the purchases as 'the ultimate renovation project' for some, and 'the ultimate reset: a fresh start for the house and a fresh start for the person who takes it on.'
Critical conditions apply to these sales. The purchase is for the home structure only, not the land it currently occupies. Furthermore, all buyers must relocate their purchased homes out of the flood region by November 30, 2026. This process is a significant undertaking, with relocation costs expected to be upwards of £150,000 per property.
The programme continues with another three auction events scheduled before Christmas, offering further opportunities for these uniquely affordable properties to find new owners and safer locations.
