This article is from the Australian Property Journal archive
QUEENSLANDERS whose homes were damaged by floods can now register to access a $741 million fund to raise, repair, retrofit or have their home voluntarily bought back, in the largest program of its kind ever delivered in Australia.
Initial assessments following the south east Queensland floods estimate nearly 7,000 homes suffered some degree of damage and more than 3,600 of these were uninhabitable.
The fund was initiated by the Queensland government in March and will jointly fund the program alongside the federal government after Scott Morrison agreed to co-fund the scheme last month.
It will allow for up to 5,500 homeowners apply for $50,000 grants to retrofit their homes, up to 1,000 properties potentially raised above the flood level, and $350 million used by the state government to buy back about 500 homes damaged beyond repair.
The Insurance Council of Australia estimates the floods across south east Queensland and northern NSW have inflicted $3.35 billion worth of damage, well over the $2.4 billion tally of the 2011 flood. Brisbane City Council is expecting a repair bill double or even triple the cost of 2011, which was $440 million.
Premier Annastacia Palaszczuk said the Resilient Homes Fund will help make Queensland homes more flood resilient.
“So many Queenslanders homes were ravaged by the recent floods across parts of Queensland,” the Premier said.
“This is the largest home resilience program of its kind to ever be delivered in Australia.
“We can’t stop floods from occurring, but we can take steps to reduce their impact.
Deputy Premier Steven Miles said Queensland is the most disaster-impacted state in Australia, with flooding being the highest risk to the community.
“Grants will be available to assist Queensland homeowners to repair or retrofit their homes to incorporate flood resilient design and to raise homes to reduce the impacts of future flood events.”
Minister for Public Works Mick de Brenni said, “The damage to homes from the rain-bomb event has been widespread and whilst homeowners have experienced different types of damage, every home can be re-built to be far less vulnerable to future flood events”.
The Department of Energy and Public Works will lead the delivery of the retrofitting and house-raising component of the program, while the Queensland Reconstruction Authority will manage any voluntary buy-backs together with local governments.
