Sale & Rebuild
Through the Loose Fill Asbestos Insulation Eradication Scheme the ACT Government is demolishing approximately 1000 residential properties across Canberra suburbs and offering these remediated blocks for sale.
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.
The sale of remediated blocks will allow the ACT Government to recover some of the costs of purchasing, maintaining, demolishing, remediating blocks and safely disposing of affected homes. It is estimated that even after the sale of blocks, there will be a net cost of around $300million.
Rebuilding will give each community, neighbourhood, street and homeowners a new beginning, free from loose fill asbestos insulation.
The Territory purchases the affected property at full market value, ignoring the presence of loose fill asbestos contamination and minor presentation or maintenance issues.
Demolition and deregistration
The sale price for the remediated block is determined by the Suburban Land Agency based on independent market valuations. These valuations inform the sale price for:
- First Right of Refusal: The First Right Holder is a former owner of an affected property who surrendered their property through the Buyback Program and elected to receive the First Right of Refusal on their former block when it became available for sale. There are other conditions and eligibility criteria but this is a special arrangement for people interested in returning to their street, neighbours and community.
- Government agencies: Where the First Right of Refusal has been declined, waived or forfeited the property is offered to Government agencies such as Housing ACT, where it may meet the requirements of a broader government initiative.
- Public sale: Any remaining blocks are made available to the public on the open market through a competitive process, such as auction, with a reserve price that is no lower than the price offered to the First Right Holder.
The Suburban Land Agency lists blocks available for sale on their website.
The Land Rent Scheme is open to eligible First Right Holders. It is not available for blocks sold on the open market.
In some cases, the land may be subject to planning changes.