New $1 record set at flood buyback auction

Houses sold for as little as one dollar at last week's Murwillumbah buyback auction. Photo: SUPPLIED

AT Australia’s most affordable housing buyback auction, a Murwillumbah home sold for one dollar.

The flood buyback auction was held last week at the Murwillumbah Services Club.

The sale set a new record low, beating the previous $347 result.

All homes sold through the program are house-only relocatable structures, with no land included.

The top sale on Wardrop Street reached $8,500, with nearby homes selling for $2,500 and $2,100.

Nine other homes sold for under $900, including four at $5 and one on Tweed Valley Way for $1.

Young families, builders and out-of-area investors attended Tuesday night’s auction, where 11 homes sold for a combined $14,871.

One young couple bought their former rental for $200. They had fled the house during the 2022 flood when water entered the second storey and had attended only for sentimental reasons, leaving as first-time homeowners.

Minister for Recovery Janelle Saffin said the possibility of a $1 house had always been promised.

“Well, that’s finally happened. It really is the most accessible housing program in the country,” Saffin said.

“This is fantastic. I love that we are giving an opportunity for families and young people to own a home for the first time and giving these homes a new lease of life off the flood plain.”

NSW Reconstruction Authority Northern Rivers Adaptation Executive Director Kristie Clarke said the RA wanted to see as many homes as possible repurposed for a safe future.

“We’re seeing a lot of young families buying these homes, and it’s proving to be a very affordable option.”

The Resilient Homes Program is the most extensive adaptation program of its kind in Australia.