NSW home sells for $1 under flood buyback scheme as auctions hit new low
A new homeowner in NSW’s Northern Rivers region has walked away with a bargain – a new home for just $1.
The sale of 381 Tweed Valley Way, South Murwillumbah, marked a low for the NSW government’s flood buyback scheme.
Homes under the scheme have been identified as being in flood-prone areas and have been purchased by the NSW Reconstruction Authority for resale.
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By continuing you agree to our Terms and Privacy Policy.On Tuesday, 11 properties in South Murwillumbah, Burringbar, and Mooball were auctioned off at the Murwillumbah Services Club by First National Real Estate.
The properties range in price from between $1 and $5 for properties in South Murwillumbah and Mooball, to as much as $8500.
Only three of the properties broke $1000.
Recovery Minister Janelle Saffin said the program was the “most accessible housing program in the country”.
“We always promised that if you turned up to the flood buyback auction that you might walk away with a house for $1. Well, that’s finally happened,” she said.
“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.”
Seven auctions have been held since June, with another 10 homes set to hit the auction block next week.
With no reserve price, bidding can start for as low as $1.
The only catch is that all house owners will now have until November 30, 2026, to relocate their property to flood-free land.
NSW Reconstruction Authority Northern Rivers Adaptation Executive Director Kristie Clarke said the agency wanted to see as many homes repurposed as possible.
“We’re seeing a lot of young families buying these homes and its proving to be a very affordable option,” she said.
Originally published as NSW home sold for just $1 under flood recovery scheme
