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Devaluations A New Nightmare for Residents

Denis O’Rourke MP
Spokesperson for Christchurch Earthquake Issues

19 March 2014

Devaluations A New Nightmare for Residents

Fifty-six Christchurch residents on the Port Hills fear much reduced earthquake payouts after massive devaluations of their properties, says New Zealand First.

“Two properties have dropped in value by 97 per cent - the total valuation of $13 million for these properties has plummeted to $2.3 million,” says Spokesperson for Christchurch Earthquake Issues Denis O’Rourke.

“The drops in value range from $29,000, through to $126,000, $175,000, $249,000 and more.

“This is another big hit, a new nightmare, following the earthquake and three years of waiting for their claims to be resolved. Now they are deeply concerned about the possibility of payments that could be much less than the 2007 valuations which other red zoners have been offered.

“The failure of the Government to make offers of purchase to the owners of red-zoned property on the Port Hills is shocking and disgraceful.

“They have been left in limbo, putting a huge toll on their lives well-being.

“While some delay might have been expected due to the need to gather scientific information for red zoning decisions, that is all now well behind us.

“The Christchurch City Council has revalued the Port Hills red-zoned land as follows: ‘Due to the impact of the earthquakes, Red Zoned properties have been treated as unsuitable for residential occupation. They were valued as rural land, a common valuation approach when there is little market for the land. A premium was then applied taking into account the city location and the possibility the land could in future be suitable for residential occupation if mass land remediation is undertaken. In most cases, this has resulted of the land being valued at around $30,000 to $40,000.’

“It is high time that the long suffering Port Hills red zoners were able to move on, the Government must immediately make an offer of the 2007 rating value for their homes,” says Mr O’Rourke.

ENDS

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