The Queensland Government has announced that nearly 500 homeowners have agreed to have their properties repurchased under the Resilient Homes Fund. 

The state says 497 out of 676 buyback offers issued have been accepted by property owners, up from 370 in June. 

In June, the Queensland Government announced that it would extend the number of buybacks it would offer after exceeding its original estimates.  

“As home assessments of registered properties progressed and flood risk data was analysed, it became apparent there were more homes that should be candidates for buyback,” Queensland Deputy Premier Steven Miles said. 

“By doing so, we are enabling flood-impacted homeowners to accept life-changing offers, signalling a safer future for them and their families.” 

The buyback program was launched under the state and federal government jointly funded Disaster Recovery Funding Arrangements in May last year as part of the recovery effort to address high flood-risk homes following significant rainfall events across Queensland. 

The funds are provided to local governments to purchase land, remove or demolish properties, and re-zone the area for non-occupied uses, such as parks, gardens and other green spaces.  

The Queensland Government says 304 sale contracts have been finalised, with 110 homes already removed or demolished. 

Mr Miles says the government will continue to assess homes and provide buyback offers for those most in need.