Auckland City Council may do U-turn on tagging potentially poisoned properties
Wednesday 24 November 2004
The Auckland City Council is likely to stop its policy of tagging the reports it issues on potentially contaminated properties.
By The LandlordThe move follows a week of legal wrangling, mounting public anger and signs that real estate sales are hurting over a decision to record details about old horticultural sites on any Land Information Memorandum (LIM) reports the council issues on nearly 5000 properties.
Emotions ran high at two public meetings last week after the council decided to stand by its legal advice to tag the reports, despite Environment Minister Marian Hobbs advising it not to until there was proof of contamination or a risk to health or the environment.
Hundreds of residents said the council was devaluing property prices by recording information on the reports without proof.
This week, as wary buyers start pulling out of house contracts, the council is looking to reverse its controversial decision.
Read More - Opens in a new window
Commenting is closed
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.
Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.
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.