First property buy back offers accepted by flood-affected SEQ homeowners

Twenty-three flood-impacted homeowners in Goodna and Brisbane have become the first Queenslanders to accept a voluntary home buy back offer as part of the $741 million Resilient Homes Fund.

Jointly funded through Commonwealth-State Disaster Recovery Funding Arrangements (DRFA), the resilience program is the largest of its kind to ever be delivered in Australia and is in response to the devastating Queensland floods experienced in 2022.

More than 210 properties throughout eight local government areas are currently identified for buy back, with 40 offers presented so far to eligible Ipswich and Brisbane residents.

Through the Resilient Homes Fund a total of $350 million has been allocated for the purchase of flood-impacted homes, which is expected to secure the purchase of approximately 500 homes.

The $741 million Resilient Homes Fund is open to Queensland homeowners affected by the 2022 floods, with three options available: retrofitting, house raising or voluntary home buy back.

The Queensland Reconstruction Authority is managing the Voluntary Home Buy Back Program, with Queensland’s Department of Energy and Public Works leading the house raising and retrofitting components of the Resilient Homes Fund.

Eligible homeowners are offered two valuations – one pre-flood and one post-flood – and can accept the highest of the two valuations to ensure they receive a fair price for their home.

More than 95 valuations have been undertaken, with the aim to have all properties selected for valuation by the end of the year.

Once a property is bought back, the relevant local council manages removal of the home and future use of the land.

Advanced funds have been provided to Brisbane and Ipswich councils to carry out this work, with funds available to other councils when required.

As at 30 September, there have been 4973 registrations of interest in the Resilient Homes Fund, including 529 people registering a preference for the Voluntary Home Buy Back Program, 1387 for house-raising, and 1904 for resilient retrofitting.

The Resilient Homes Fund is designed to reduce the impact of future disasters on Queensland communities.