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

S&P forecast 10% house price fall

Global ratings agency Standards & Poors is the latest to join the chorus of predictions around potential house price falls in New Zealand – and they’re picking a 10% drop.


$75m on offer for new developments

Auckland ’s long-term future is sound as well situated residential developments will always sell and demand for affordable housing remains strong, a leading non-bank property financier says.


Mortgage borrowing rebounds in May

New mortgage borrowing rose by roughly $1.6 billion in May as the property market showed signs of recovery from the Covid-19 lockdown.

Site by PHP Developer