Property

No evidence of subsidence damage

There appears to be good news for property owners in the Invergarry Rd area with the release of a second independent report on two homes there showing no abnormal damage likely to be caused by geothermal subsidence.

Tuesday, August 23rd 2005

The second report - a geotechnical report - has been prepared by Opus International Consultants through BRANZ.

The two properties at 32 and 34 Invergarry Rd were bought late last year by Contact Energy Ltd, which is also financing the ongoing investigations to try to establish what was causing damage at the properties.

The Taupo District Council believes deep-seated subsidence as a result of geothermal extraction at Wairakei is the cause.

Contact says there are now two reports from which it can be concluded that there is no abnormal damage to the properties and no evidence that subsurface effects are causing such damage.

All the same, the company says it remains committed to its long-standing promise to accept responsibility for any property damage which occurs as a result of its deep geothermal extraction at Wairakei.

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Heartland Bank - Online	6.69
SBS FirstHome Combo	6.74
Wairarapa Building Society	6.95
Unity	6.99
Co-operative Bank - First Home Special	7.04
ICBC	7.05
China Construction Bank	7.09
BNZ - Classic	7.24
ASB Bank	7.24
ANZ Special	7.24
TSB Special	7.24

Unity First Home Buyer special	6.45
Heartland Bank - Online	6.45
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AIA - Go Home Loans	6.75
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