Coromandel property worth $1b at risk

Wednesday 28 July 2004

Nearly 1000 Coromandel Peninsula coastal properties worth close to $1 billion could be affected by coastal erosion in the future, new research says, and an expert says further coastal development should be set back at least 100m from the sea.

By The Landlord

Research by the regional council, Environment Waikato, has shown 921 properties, with a market value of nearly $1 billion, are likely to be affected by coastal erosion in the next 100 years.

Environment Waikato and Thames-Coromandel District Council are working together on coastal erosion and natural hazards projects.

Environment Waikato manager for coasts, land and wetlands science Peter Singleton said about 50 properties were already in the high-risk category.

Hotspots include Cooks Beach and Buffalo Beach on the east coast, and Koputauaki Bay and the Thames highway on the west coast of the peninsula.

Coastal erosion was expected to get worse on Waikato's coasts, Mr Singleton said.

The sea level was predicted to rise about 0.5m because of global warming in the next 100 years, cutting about 20m into the land.

Read More - Opens in a new window
Commenting is closed

House Prices

No stopping Capital price rises

There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.


NZ proptech start-up scores major investor

Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.


LVR limits slow down investors

LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.

Site by PHP Developer