10 and 13 Daffodil Street were sold for $1.435 million and $2.65 million in flood buyback scheme

More than $4 million has been splashed on just two homes in the first round of the flood buyback scheme … with more Gold Coast offers imminent

Elanora flood photos. Supplied by Ebony Blanshard.

More than $4 million has been splashed on just two Tallebudgera homes in the first round of the flood buyback scheme on the Gold Coast.

The homes at 10 and 13 Daffodil Street were sold for $1.435 million and $2.65 million respectively, according to CoreLogic RP Data online records and realestate.com.au.

While ‘Council of the City of Gold Coast’ is listed as the purchaser for the properties, funding comes from the Voluntary Home Buy-Back (VHBB) program, part of the Albanese and Palaszczuk Government’s $741m Resilient Homes Fund.

More than $4 million has been splashed on just two Tallebudgera homes in the first round of the flood buyback scheme on the Gold Coast. Picture Glenn Hampson

A spokesperson for the Queensland Reconstruction Authority, which administers the VHBB program, would not confirm the property addresses or purchase prices but said an additional cohort of Gold Coast properties was recently identified for buyback and homeowners would be contacted soon to commence valuations.

With registrations for the VHBB program now closed, another Daffodil Street resident, whose home was also flooded in February 2022, said there was confusion among neighbours as to who received buyback offers and what would be done with the purchased properties.

“We knew we could file a submission for the program, but it’s never been clear to us who would be chosen or why,” said the resident, who did not want to be named.

“We’ve been offered an amount to raise our home, but we’ve already repaired it so it’s come too late now.

“Everyone is wondering what will happen to those blocks that have been bought, and how many more might be sold.”

Elanora flood photos. Supplied by Ebony Blanshard.

The QRA spokesperson said the body engaged directly with the council to gather flood data and information to identify the most at-risk and vulnerable applicants for the buyback program. Consideration was given to the extent of the damaged in the 2021-22 disaster season, the flood risk exposure and socio-economic factors.

The spokesperson said homeowners identified for buybacks received two valuations of the property, including a pre-flood and current market value.

“The offer will be the higher of these, ensuring homeowners receive a fair price for their home,” said the QRA spokesperson.

The home at 10 Daffodil Street Tallebudgera. More than $4 million has been splashed on just two Tallebudgera homes in the first round of the flood buyback scheme on the Gold Coast. The homes at 10 and 13 Daffodil Street were sold for $1.435 million and $2.65 million respectively, according to CoreLogic RP Data online records and realestate.com.au. . Picture Glenn Hampson

“Once an agreement for buyback is reached, the property and the land will be purchased by the local council and the building demolished.

“The land is then rezoned to an appropriate, non-occupied use such as green space by the relevant local council.”

Minutes from council’s March 2023 Governance, Administration and Finance Committee meeting showed the City was considering subdividing the land at 10 and 13 Daffodil Street to ‘dispose’ to adjacent neighbours.

It stated that the Parks and Recreation Branch of the Lifestyle and Community Directorate considered creating small ‘pocket parks’ at the purchased properties, but council officers advised against it.

The home at 13 Daffodil Street Tallebudgera. More than $4 million has been splashed on just two Tallebudgera homes in the first round of the flood buyback scheme on the Gold Coast. The homes at 10 and 13 Daffodil Street were sold for $1.435 million and $2.65 million respectively, according to CoreLogic RP Data online records and realestate.com.au. . Picture Glenn Hampson

“There is a sufficiency of existing parkland available in close proximity with Schuster Park. Furthermore, creation of a series of pocket parks will create an ongoing maintenance liability for the City with these assets which are unlikely to be well-used,” the report stated.

“City officers have undertaken an initial assessment to determine if the parcels of land would provide any opportunity to increase flood resilience in the area by way of creating overland flow paths. Initial investigations indicate that there is no intrinsic value or benefit for the city for this purpose.

“Another option for consideration is the disposal of the subject properties to adjacent land owners. In some cases this may require subdivision of the lot(s) to allow for integration with existing lots on either side of the subject land.”

The home at 10 Daffodil Street Tallebudgera. More than $4 million has been splashed on just two Tallebudgera homes in the first round of the flood buyback scheme on the Gold Coast. The homes at 10 and 13 Daffodil Street were sold for $1.435 million and $2.65 million respectively, according to CoreLogic RP Data online records and realestate.com.au. . Picture Glenn Hampson

Originally published as 10 and 13 Daffodil Street were sold for $1.435 million and $2.65 million in flood buyback scheme