Buyback, Sale & Rebuild
Through the Loose Fill Asbestos Eradication Scheme the ACT Government is demolishing approximately 1000 residential properties across 57 Canberra suburbs and offering these remediated blocks for sale as quickly as possible.
The sale of each remediated block to a homeowner with First Right of Refusal or via public sale through the Land Development Agency (LDA) is an important part of managing the costs to the scheme. Once affected houses are surrendered, demolished and contaminated soil removed, blocks will be resold at market value.
The purchase of contaminated homes and their removal has been made possible after the ACT Government received a $1 billion loan from the Commonwealth Government, which needs to be repaid. An important way to defray some of the substantial cost to our community is through the sale of remediated blocks. It is estimated that even after the sale of blocks, there will be a net cost of at least $400 million.
Rebuilding will give each community, neighbourhood, street and homeowners a new beginning, free from loose fill asbestos insulation.
- The Territory purchased the affected property at full market value, ignoring the presence of loose fill asbestos contamination and minor presentation or maintenance issues.
- The affected house is demolished and the block is remediated and deregistered from the Affected Property Register.
- The resale price for the remediated block is determined by the ACT Government’s LDA based on independent market valuations.
- These valuations inform the sale price for a former homeowner through the First Right of Refusal process or reserve price for public sales.
- The LDA commenced a rolling sales program in April 2016.
- Two sales agents have been appointed to market the blocks. Independent Property Group (IPG) is selling blocks in the Inner South, Inner North and Belconnen. Ray White is selling blocks in Tuggeranong, Weston Creek and Woden. Information about blocks for sale at any given time will be available on the Suburban Land Agency website.
- Any rebuild activity, whether by a former owner or a new purchaser, is subject to the usual Development Application and/or Building Approval requirements in accordance with the Territory Plan and building codes. Further information can be found on the Planning website.