Gympie flood home buyback scheme to cost more than $20 million

More than 50 flood damaged properties are expected to be removed in Gympie as part of the state government’s voluntary buy back scheme, but not without an eye-watering amount being paid out for them.

More than 50 flood damaged properties are expected to be removed in Gympie as part of the state government’s voluntary buy back scheme, but not without an eye-watering amount being paid out for them. Flood pic: Infinity Flights

More than 50 flood damaged properties are expected to be removed in Gympie as part of the state government’s voluntary buyback scheme, but not without an eye-watering amount being paid out for them.

New figures released by Deputy Premier Stephen Miles reveal more than $20 million is expected to be spent purchasing flood-ravaged homes across the region in the wake of the trio of 2022 flood disasters.

In response to a Question on Notice from Gympie LNP MP Tony Perrett, Mr Miles said nine properties in the region had settled under the voluntary scheme which involves Gympie Regional Council buying the homes, which are then bought back by the state government.

CoreLogic RP Data online records show three homes at Tweed Lane, Hilton Rd, and Crescent Rd have been purchased so far.

This Hilton Rd property has been bought back by Gympie Regional Council and has been fenced off in preparation for its removal.

They were bought for a combined price of more than $1.2 million.

The Crescent Rd house has been removed.

Those at Tweed Lane and Hilton Rd have been fenced off in preparation for their removal.

The number of homes demolished as a result of buybacks is expected to be almost 20 times that.

“A total of 52 properties in Gympie have been identified for the (voluntary scheme), including under negotiation,” Mr Miles said.

A Crescent Rd property near the One Mile Ovals has already been removed as part of the scheme. The expectation is the land will be rezoned and become green corridor.

Another 101 flood-affected homes across the Gympie region have been helped through the accompanying Structural Assistance Grants scheme, he said.

Those homes had received more than $980,000 in aid through the scheme.

Under the scheme, rolled out by the Queensland Recovery Authority, two valuations are undertaken on properties.

These include the values before and after the flood.

Homeowners are then offered the higher price.

The council will then buy the land and removed the home.

Land bought back will remain unoccupied, with the expectation it will be rezoned, likely to become a green corridor.

Originally published as Gympie flood home buyback scheme to cost more than $20 million