The couple purchased their old rental home for just $200. (Source: Facebook/Channel 9)
Jaya Roche and her partner Cory Lowe were forced out of their rental house in Northern NSW. But they’ve now purchased the house back for less than a week’s worth of rent.
The young couple, who have two little kids, are among dozens of people snapping up houses in the state for just a few hundred dollars or less, and in some cases even less than the price of a cup of coffee.
While it needs a little TLC, the two-bedroom house boasts high ceilings and a fire place. For the young Aussie family it’s a pretty incredible turn of events.
“For less than half of a week’s rent, we were able to buy our home,” Jaya said. “It’s pretty crazy.”
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The couple first moved into the home as renters in 2020, but two years later were forced out when massive floods hit the Lismore area.
“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,” Jaya told A Current Affair.
Their former property was one of about 700 houses voluntarily 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 jointly funded by the NSW and federal government.
The homes have been returned to market and are being sold without any reserve price.
Jaya and Cory had been saving to buy their first home when they saw their old house come 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,” Jaya said.
“We both looked at each other with wide eyes and thought, ‘What has just happened?’.”
The young family will now need to relocate the house somewhere new. (Source: Channel 9)
Their former rental home is now all theirs. But of course, there is a catch. It will need to be relocated somewhere else.
According to the NSW Government, all new homeowners sold through this scheme have until the 30th of November, 2026, to relocate their property to flood-free land.
So Jaya and Cory, and all the other bargain buyers, have about a year to figure it out.
Depending on the property, the relocation costs for buyers are expected to be north of $150,000.
Eight of these auctions have been held this year since June, with nearly 100 homes already sold. Another three auctions will be held before Christmas. The auctions will then pause over the holidays period with more auctions slated for early 2026.
The bidding starts at just $1, which has been the lowest price a house has sold for.
This place will be offered up in December as part of three auctions selling 24 relocatable buyback homes. (Source: NSW Reconstruction Authority) The one will also start the bidding at $1 next month. (Source: NSW Reconstruction Authority)
“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 echoed the sentiment, saying the program has been a rare chance for a good news story 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.”
Earlier this week, 10 properties sold under the hammer as part of the program, for a total value of $209,970. Here are their prices:
11 Simmons Street, North Lismore: $50.
25 Hindmarsh Street, central Lismore: $30,000.
149 Magellan Street, central Lismore: $125,000.
1 Hutley Place, East Lismore: $10,000.
311 Keen Street, East Lismore: $32,000.
32 Elliott Road, South Lismore: $10,000.
162 Union Street, South Lismore: $320.
176 Union Street, South Lismore: $500.
7 Cromer Street, South Lismore: $100.
159 Union Street, South Lismore: $2,000.
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