This North Lismore home sold for $50 through the Northern Rivers’ latest round of flood buyback auctions.
A NSW home has sold for just $50 as part of the latest round of Northern Rivers’ flood-buyback house auctions.
The $50 paid for the home on Simmons St in North Lismore was the star shocker at a packed PRD auction held overnight at the Lismore Workers Sports Club.
The property was one of 10 flood damaged homes offered, with sold prices ranging from $50 to $125,000.
The buyback scheme followed devastating floods in the region during 2022, which caused substantial property damage.
The latest round of sales included a house on Cromer St in South Lismore sold for $100. A home on nearby Union St sold for $320, while another Union St home sold for $500.
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7 Cromer St, South Lismore sold for $100.
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These sales continued a jaw-dropping run of rock bottom home price sales, with more than 100 flood buyback properties hitting the market since December last year.
The lowest sale price to date was the $1 paid for a Lismore property last week – with four other properties selling the same week for $5. All homes sold were earmarked for relocation.
They had been purchased by the NSW Reconstruction Authority through the buyback stream of the $880m Resilient Homes Program, jointly funded by the NSW and Australian governments.
All new homeowners have until 30 November 2026 to relocate their properties to flood-free land. Expected relocation costs were upwards of $150,000 per property.
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176 Union St, South Lismore: sold for $500.
Minister for Recovery Janelle Saffin said the auctions were helping flood-affected communities recover.
“The buyback auctions have never been about the sale price. We just wanted to get these homes repurposed for a safe future and have steamrolled their sale,” Ms Saffin said.
“It’s heartening to see a lot of young families getting a foot into the housing market and these homes a second lease of life.”
All NSW proceeds from the home sales (after costs) are reinvested into the Resilient Homes Program to support more flood-affected residents.
NSW Reconstruction Authority’s Kristie Clarke said some families were snapping up their first homes thanks to the initiative.
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162 Union Street, South Lismore sold for $320.
“For some people, this is the ultimate renovation project. For others, it’s the ultimate reset: a fresh start for the house and a fresh start for the person who takes it on,” Ms Clarke said.
“Last week we saw one property sell for $1 and a further four properties sold for only $5.”
Eight auction events have been held this year since June, with 96 houses sold. Another three auction events will be held before Christmas.
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