It only took $1 to cement Australia's most accessible and affordable housing program.
A fortunate buyer spent $1 to secure a flood buyback home at the Murwillumbah Services Club overnight (Tuesday 11 November), setting a record low price.
Previously, the lowest price for the 106 Northern Rivers properties offered for sale in the Northern Rivers was $347, capturing nationwide attention.
A young couple provided another highlight on Tuesday night after buying their old rental home for $200. They fled the house after floodwaters entered the second storey of the property in 2022. For sentimental reasons, they attended the auction with no intention of making a bid. By the end of the night, they were first-time homeowners.
The First National Real Estate Murwillumbah auction of flood buyback homes from South Murwillumbah, Burringbar and Mooball shows that every flood buyback house can find a new home.
Several young families bought houses, builders and investors from outside the region participated in the auction on Tuesday night, with the 11 properties selling for a total value of $14,871.
The highlights included:
- 7 Wardrop St, South Murwillumbah: $900
- 21 Wardrop St, South Murwillumbah: $8500
- 39 Wardrop St, South Murwillumbah: $650
- 41 Wardrop St, South Murwillumbah: $5
- 321 Tweed Valley Way, South Murwillumbah: $200
- 325 Tweed Valley Way, South Murwillumbah: $5
- 327 Tweed Valley Way, South Murwillumbah: $2100
- 381 Tweed Valley Way, South Murwillumbah: $1
- 387 Tweed Valley Way, South Murwillumbah: $2500
- 6070 Tweed Valley Way, Burringbar: $5
- 9 Pottsville Rd, Mooball: $5
All homes earmarked for relocation have been purchased by the NSW Reconstruction Authority through the buyback stream of the $880 million Resilient Homes Program, jointly funded by the NSW and Australian governments.
Seven auctions have been held this year, since starting in June. Another 10 buyback houses will be auctioned next week in Lismore. Three more auctions will be held in December before Christmas.
The Resilient Homes Program is the largest adaptation program of its kind in the country.
There is no reserve price on these houses, meaning bidding can start and end at $1, making it one of the most accessible housing opportunities in Australia. All house owners will now have until 30 November 2026 to relocate their property to flood-free land.
All NSW proceeds from the home sales (after costs) are reinvested into the Resilient Homes Program to support more flood-affected residents.
Minister for Recovery Janelle Saffin said:
"We always promised that if you turned up to the flood buyback auction that you might walk away with a house for $1. Well, that's finally happened.
"It really is the most accessible housing program in the country.
"This is fantastic. I love that we are giving an opportunity for families and young people to own a home for the first time and giving these homes a new lease of life off the flood plain."
NSW Reconstruction Authority Northern Rivers Adaptation Executive Director Kristie Clarke said:
"The Reconstruction Authority buyback auctions have no reserve; we want to see as many homes as possible repurposed for a safe future.
"We're seeing a lot of young families buying these homes and its proving to be a very affordable option."
