$800m buyback scheme for home owners in flood-hit Northern Rivers

Up to 2000 home owners devastated by the Northern Rivers floods earlier this year can now voluntarily opt to have their home bought back at pre-disaster prices under a new $800-million program, which will also fund repairs, retrofitting and raising residences.

The joint federal and NSW government funding will support residential home owners hit in the devastating February and March floods across the seven local government areas of Lismore, Ballina, Byron, Clarence Valley, Kyogle, Richmond Valley and Tweed.

The voluntary buyback scheme will be offered to Northern Rivers residents who live in the most vulnerable areas and where major flooding would “pose a catastrophic risk to life”.

The independent flood recovery report, undertaken by former police commissioner Mick Fuller and former NSW chief scientist Mary O’Kane, recommended a voluntary buyback or land swap program for the thousands of residents in Lismore who lost homes in this year’s deadly disaster.

More than 10,000 homes in the Northern Rivers were damaged when water reached record flood levels in February and March, leaving 4055 properties deemed uninhabitable.

The Northern Rivers Resilient Homes Fund package will also provide up to $100,000 for home owners to raise their house or up to $50,000 for retrofitting properties in areas where flood risk can be reduced by better building standards.

Federal Member for Page Kevin Hogan, NSW Premier Dominic Perrottet and Lismore MP Janelle Saffin visit Southside Hot Bread bakery in South Lismore after severe flooding devastated the town in northern NSW.Credit: Elise Derwin, March 5, 2022

Prime Minister Anthony Albanese said retrofitting homes to make them more flood resilient, and moving those at most risk away from danger would ensure communities could be safer during future flood events.

“We know that disasters are expected to become more frequent, and more severe due to climate change, and that’s why we’re working with the NSW government to develop practical solutions to protect lives and livelihoods,” Albanese said.

“We know this repeated, relentless flooding can be emotionally and financially draining, and we want communities to know we will be there to support them now, and as they recover.”

Eligible home owners will be offered one of the three available measures, based on expert property assessments; flood impact severity data, safety risks, and potential future flood levels.

The NSW government will also spend $100 million to acquire land and open up new flood safe locations for future development, in partnership with the Northern Rivers Reconstruction Corporation.

The corporation is currently conducting an expression of interest process to identify suitable parcels of land, which would allow residents to rebuild but remain in their community.

NSW Premier Dominic Perrottet said the program would help Northern Rivers’ residents take the next steps on the road towards recovery while also boosting community resilience.

“I saw first-hand the devastation extreme flooding caused across the Northern Rivers and I hope this program provides relief for so many residents who have suffered for too long,” Perrottet said.

“We are stepping up to provide options for residents to move out of harm’s way and protect themselves and their families but we cannot continue to build back as we have in the past.

“We will work with the Northern Rivers community to ensure repairs, retrofitting and voluntary buy-backs are undertaken in a way that ... better protects people and their homes from future flood events.”

Federal Minister for Emergency Management Murray Watt said both governments would continue to stand shoulder to shoulder with the region on the long road to recovery.

The Northern Rivers Reconstruction Corporation, the agency tasked with reviving the flood-ravaged communities in northern NSW, gave advice to the inquiry that the government faces a recovery bill of $3 billion, on top of what it has already spent.

The Morning Edition newsletter is our guide to the day’s most important and interesting stories, analysis and insights. Sign up here.