ACT News


First Fluffy home owners accept buyback offer

The first Fluffy home will be in ACT government hands on Friday, with 44 home owners accepting the government's buyback price.

A spokeswoman for the Asbestos Taskforce said 390 home owners had now received two valuations, with the government offering the midpoint as the buyback price. It had made offers on 132 properties.

Contracts were being drawn up for 30 of the owners who had accepted the offered price, with the first sale finalised on Friday.

Owners have until the end of June next year to accept the buyback offer or face compulsory acquisition, with the government determined that all 1021 Fluffy homes will be bought and demolished within five years.

The full effect of the $1 billion scheme on the ACT budget will be known in the mid-year budget update in January. Meantime, some Fluffy owners are continuing their campaign to keep their land, wanting the government to simply demolish their homes, rather than buy their land. But the government has remained set against the idea, insisting it will buy all of the blocks so it can sell them again as available for unit title developments - with more than one house on each block.

It plans a Territory Plan change to allow unit-title developments on Fluffy blocks of 700 square metres, rather than the usual 800 square metres.