Flood buyback for homeowners in Queensland

The newly introduced Resilient Homes Fund through the Commonwealth-State Disaster Recovery Funding Arrangements (DRFA) is offering a buyback of homes impacted by floods in the Queensland state.

Federal Minister for Emergency Management Murray Watt commented that it was a great outcome for the homeowners involved. “Every property we can buy back through this program is a win for disaster resilience in Queensland and another step in ensuring we are better prepared for the next flood. These Queenslanders, once vulnerable, can now look towards a brighter future without fear of rising flood waters.”

There have been thirty four homeowners from Ipswich and Brisbane that have now accepted this offer following the 2022 Queensland floods. With the $741 million dollar fund an additional 41 offers will be made eligible soon with more to be offered as the program is delivered.

The Deputy Premier and Minister Steven Millers who is responsible for the Queensland Reconstruction Authority has said that the Queensland Government intends to identify all properties for valuation by the end of the year. "With $350 million allocated for our Voluntary Home Buy Back Program, we expect to be able to purchase roughly 500 homes. We’re implementing this process with eight councils: Brisbane, Ipswich, Logan, Lockyer Valley, Moreton Bay, Gympie, Fraser Coast and Sunshine Coast. “

This development is allowing flood devastated communities to get back on their feet financially and improve the flood resilience of property owners in Queensland.

The houses will be prepared for settlement and demolished to facilitate re-zoning of the land for non-habitable uses in accordance with the City Council’s obligations under the fund

In addition there are more options available to those eligible including the retrofitting to a more resilient standard or the raising of the house above recorded flood levels. There are two valuations offered one for the pre-flood value and one for post-flood value of the property.

For more information about the Resilient Homes Fund visit Qld Gov Resilient Homes

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