Jaya Roche, her partner Cory Lowe were forced out of their rental home in Northern NSW, following massive floods in the Lismore area in 2022.
“It was terrifying. We got a lot of rain and we had to just really suddenly leave, and we left with just what we could pack in the car,” Roche told A Current Affair.
Three years later the house was put up for auction, and the couple managed to purchase it back for $200.
“For less than half of a week’s rent, we were able to buy our home,” she said.
“It’s pretty crazy.”
The young couple share two kids together, and while the house does need a little TLC, it boasts two-bedrooms, high ceilings and a fireplace.
The home was one of 700 houses sold to the NSW Government as part of the state’s Resilient Homes program, a scheme designed to help people whose homes were impacted by the floods and it’s financially supported by both the NSW and federal government.
The homes have been returned to market and are being sold without any reserve price, with some selling for less than the price of a cup of coffee.
Roche and Lowe were saving to buy their first home when they saw their old rental up for auction.
“We went just to have a look, just to see how much our house would go for. They were selling for a dollar, $5, $10…
“So we thought ‘Why not’, and Cory put the paddle up and we won,” Roche said.
“We both looked at each other with wide eyes and thought, ‘What has just happened?’.”
While the home is now theirs, the catch is they will need to relocate the home to flood-free land by the 30th November 2026.
Depending on the property, the relocation costs are expected to be from $150,000.
Since the launch of the scheme, 100 homes have already been sold, with another three auctions scheduled before Christmas.
The bidding starts at just $1, the lowest price a house has sold for.
“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,” Minister for Recovery Janelle Saffin said this week.
“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.”
NSW Reconstruction Authority Northern Rivers Adaptation Executive Director Kristie Clarke agreed with the sentiment, saying it was a rare chance for first home buyers.
“We’ve had some great stories, including families who have become first-time homeowners thanks to this initiative,” she said.
“Last week we saw one property sell for $1 and a further four properties sold for only $5.”
Images: Facebook/ Channel 9
