For residents of Greater Shepparton, whose homes bore the brunt of the October 2022 floods, a glimmer of hope is on the horizon.
Greater Shepparton City Council is considering a buyback scheme for properties repeatedly at risk of inundation.
The proposed initiative mirrors similar actions undertaken by the NSW and Queensland governments, aiming to protect communities from the recurring hardships of floods and financial losses.
In its submission to the inquiry into the 2022 flood event in Victoria, council emphasised the need for strategic planning controls in the floodplain and retirement of the most “flood prone assets”.
It suggested that these steps would be key to cultivating a more flood-resilient community.
The submission noted that a buyback strategy such as the one in the Northern Rivers region of NSW could protect the community from the realities of recurrent flooding and the associated financial losses.
At a recent flood-recovery meeting in Shepparton, council chief executive Peter Harriott spoke about the severity of the flooding, its community impacts and potential insurance implications.
He mentioned concerns about rising premiums and reduced coverage, and that alternative options needed to be explored.
Mr Harriott said council was in discussion with the state and federal governments and key emergency management bodies to evaluate the feasibility of the buyback scheme.
“It would have to be instigated by the state government, and then the Federal Government would partner,” he said.
“We’d have a more detailed conversation then with the community as to what the actual priorities are in that regard.”
The NSW Government’s Resilient Homes Program provides homeowners with three options based on property assessments, flood impact data, safety risks and potential future flood levels.
These options are home buybacks, where the homeowner receives payment for their house and land; home raising, which provides funding to elevate liveable areas above a property-specific flood level; and home retrofit, which commits funding to improve the resilience of liveable areas for future floods.