Brisbane City Council is planning to buy back homes impacted by February's devastating floods.

Brisbane Lord Mayor Adrian Schrinner says the city has received the first $50 million payment of state government funding for the Voluntary Home Buy-back Program (VHBP).

In the scheme, the Queensland Government sets eligibility criteria and rules abut leaves it up to local councils to distribute the cash settlements.

In Ipswich, 32 residents have registered to have their home bought back by the government, as well as four in the Sunshine Coast Council area, 21 in Logan, 16 on the Fraser Coast and 25 in the Moreton Regional Council area.

Mr Schrinner said the council is working with the Queensland Reconstruction Authority (QRA) as part of the VHBP, and will begin negotiations to buy back the homes of 16 residents in the first round. 

Queensland Deputy Premier Steven Miles says official offers will be made next month.

“This is not a resumption process - this is a voluntary buyback scheme,” he said.

“At this point in time we have been advised of 171 applications for buyback in the Brisbane City Council local government area.

“We have also been advised there are 16 properties that have been approved, and in coming days we will start moving forward to start the process.”

Reports say home owners in Windsor, Rocklea, Oxley, Clayfield, Herston, Boondall, Yeerongpilly, Archerfield and Carina will be among the first to take part in the scheme.

But Mr Schrinner said the buyback program cannot be the only solution.

“If you start doing the maths and you think about how much it would cost to buy back a home, with market values what they are, you realise that equates to a significant amount of money,” Mr Schrinner said.

“While some people have suggested ... the flood buyback is some kind of silver bullet, there were 23,000 properties in Brisbane that were flooded, yet the state government received 171 applications for buyback.

“So, you can tell by that response alone there are many people who were flooded who don't want us to buy back their home. This is a fraction of the properties that were flooded.

“This is just one suite of many responses to natural disaster and floods we can use.”

The VHBP is part of the $741 million state and federal government-backed Resilient Homes Fund. 

The broader scheme has received over 4,500 requests for assistance, including calls to help raise homes and rebuild others. 

QRA chief executive Brendan Moon says the flood has left the organisation with “a massive task”.

“We are working very, very closely with the insurance industry to work through this backlog,” he said.

“We will ensure all of those people who have sought funding under this scheme are contacted as quickly as possible.

“We're working through some 2,500 floor-level surveys as we speak and we're issuing some 500 building assessment reports.

“Certainly, in the voluntary home buyback space as well, we are out there conducting valuations in the most impacted local council areas in southern Queensland.

“Energy and Public Works, who are leading the house raising and retrofitting are working very, very closely to prioritise those home owners who have claims settled and need to move forward now.

“But this obviously relies on our ability to attract builders and contractors to commence those works and that's why we are working with the insurers and their panel of builders so that we can affect this.”