Sydney: Flood-Affected Homes Sold at Record-Breaking Auctions

Strategic Insights -

Over 50 people, including a young couple who decided to buy a second flood buyback house for their farm, gathered at the Lismore Heights Sports Club to bid on 10 flood-affected homes affected by the Northern Rivers region floods. The auction, conducted by Wal Murray & Co, saw sale prices ranging from $6,000 to $60,000, with the average price per house falling around $36,000. Eighty-three properties have now been offered for sale in the Northern Rivers, attracting nationwide attention.

Key Takeaways:

  • A total of 20 bidders participated in the auction, with 83 properties being offered for sale in the Northern Rivers region.
  • Sale prices ranged from $6,000 to $60,000, with an average price per house of around $36,000.
  • Young families, builders, and investors from outside the region participated in the auction.
  • The NSW Reconstruction Authority purchased all homes earmarked for relocation through the $880 million Resilient Homes Program.
  • Over 1300 flood-impacted homeowners have engaged with the buyback program, with 926 offers made.
  • There is no reserve price on these houses, meaning bidding can start and end at $1.
  • The Resilient Homes Program is the largest adaptation program of its kind in the country.
  • The NSW government remains committed to reusing as many flood-affected homes as possible.
  • Further houses will be auctioned by PRD Northern Rivers on October 7.
  • All NSW proceeds from the home sales are reinvested into the Resilient Homes Program.

Statistics:

  • 20 bidders participated in the auction.
  • 83 properties have been offered for sale in the Northern Rivers region.
  • Average sale price per house: $36,000.
  • Number of flood-impacted homes purchased through the Resilient Homes Program: 1300+.
  • Number of offers made: 926+.
  • Total funding for the Resilient Homes Program: $880 million.
  • Number of properties to be auctioned by PRD Northern Rivers on October 7: Not specified.

Sources:

  • Government of New South Wales:

- More than 20 bidders packed out the auction of 10 flood-affected homes at the Lismore Heights Sports Club overnight, (Wednesday 17 September), with sale prices ranging from $6,000 to $60,000.