6 days ago
Flood-hit properties set for auction without reserve
Property bidders have the chance to snap up homes for prices that could be as low as $1 at a NSW auction Tuesday night.
As part of the State and Commonwealth Government's Resilient Homes Program, nine relocatable flood-affected homes will go under the hammer.
There is no reserve price on these houses, meaning bidding could potentially start and end at $1 if this is the only offer placed.
The homes are located in Burringbar and South Murwillumbah in the Northern Rivers, a region significantly impacted by flooding in 2022.
As part of the $880m buy back scheme within the Resilient Homes Program, the NSW Reconstruction Authority purchased several flood-affected and flood-prone homes from owners who could not claim insurance.
The homes – not the land – are then placed under auction, with successful bidders having 12 months to relocate the houses to flood-free land.
Real estate agent Scott Reading of First National Murwillumbah said the upcoming auction offerings attracted mixed interest.
'There's been a lot of inquiry with a lot of people are interested,' he said. 'I feel like it will be a pretty big night.'
Mr Reading said 'a lot of locals' have been keen to snap up the homes for a bargain.
'But a fair bit of interest has come from out of town as well,' he said. 'So a bit of a mix of both.'
Regarding his expectations for the prices of the homes under the hammer, Mr Reading said the auctions would be unpredictable.
'Look, it's really open,' he said. 'I'm not sure where the prices are going to end up.'
Mr Reading said 37 Wardrop St and 6077 Tweed Valley Way had attracted the most interest from inquirers so far.
'They're just nice Queenslander homes and I think those are really popular,' he said.
Both are spacious three-bedroom, two-bathroom family homes.
Tuesday's auction will be the fourth round of NSW Reconstruction Authority (NSWRA) buyback house auctions, following a positive community response to previous sales.
In previous auction rounds, homes have sold for as low as $347 and as high as $101,000.
Minister for Recovery Janelle Saffin said the program was a 'a creative way of keeping these houses in the community.'
'By auctioning these houses, we are helping save historic homes impacted by the floods and making a small but meaningful contribution to the housing challenges we face in the Northern Rivers,' she said.
The auctions will take place at 6pm tonight at Murwillumbah Services Club.
