NSW home sells for $1 under flood buyback scheme as auctions hit new low

A new homeowner in the Northern Rivers region of NSW walked away with a bargain – a new home for just $1.

The sale of 381 Tweed Valley Way in South Murwillumbah was a low-ball for the NSW government’s flood buyback plan.

The homes within the project were identified as being in flood-prone areas and were purchased for resale by the NSW Redevelopment Authority.

On Tuesday, 11 properties in Murwillumbah South, Burringbar and Mooball were put up for auction at the Murwillumbah Services Club by First National Real Estate.

Properties in South Murwillumbah and Mooball range in price from $1 to $5, up to $8,500.

Only three of the properties broke $1,000.

Recovery Minister Janelle Saffin said the program was “the most accessible housing program in the country”.

“We always promised that if you participated in the flood buyback auction you would buy a house for $1. Finally it happened,” he said.

“I love that we are giving families and young people the opportunity to become homeowners for the first time and give these homes a new lease of life outside of the floodplain.”

Seven auctions have been held since June, and 10 more homes will go up for auction next week.

When there is no reserve price, bids can start as low as $1.

The only problem is, all homeowners will have until November 30, 2026 to move their properties to flood-free land.

NSW Reconstruction Authority Northern Rivers Compliance Executive Director Kristie Clarke said the agency wanted to see as many homes as possible redesigned.

“We are seeing many young families purchasing these homes and it is proving to be a very affordable option,” he said.