Property

More Christchurch properties red zoned

The Government has today offered to buy an additional 940 earthquake affected properties in Kaiapoi and Pines Beach north of Christchurch.

Thursday, August 18th 2011

Earthquake Recovery Minister Gerry Brownlee said the decision was not easy given the size of the town and the patience shown by residents since September.

"Many options have been exhaustively considered; however, in full evaluation of the facts today's decision was clear cut."

He said the government had taken a "huge amount" of geotechnical engineering advice before deciding to red zone the additional properties.

"One inescapable fact was that the land and critical infrastructure beneath the hardest hit parts of Kaiapoi and Pines Beach was so badly damaged that any remediation solution would have required the complete removal of all homes we're zoning red today," Brownlee said.

"This, like other areas we've red zoned, would have meant residents would have been forced off their land for a period of years."

All residents whose properties have been zoned red today will receive offers from the government to purchase their property, and will be subject to the same support, financial or otherwise, as those residents red zoned on June 23.

Personalised packs informing residents of the decision and what it means for them will arrive in the mail over the next few days.

Brownlee said the intention had been for the packs to arrive in conjunction with the announcement, but disruption to postal services made that impossible.

"Today's news will be difficult for many people who've bravely hung on for nearly a year in the hope that their property could be built on," Brownlee said.

"While the news will disappoint some it also provides a clear, and we believe fair path ahead for the hardest hit residents of the Waimakariri District."

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
TSB Special 6.75
Westpac Special 6.75
China Construction Bank 6.75
ASB Bank 6.75
ICBC 6.75
AIA - Go Home Loans 6.75
Kiwibank Special 6.79
Co-operative Bank - Owner Occ 6.79
ANZ Special 6.79
ASB Bank 6.39
Westpac Special 6.39
AIA - Go Home Loans 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

More Stories

Rate cuts needed to lift mood

Wednesday, April 17th 2024

Rate cuts needed to lift mood

The enthusiasm that followed the change in government, mainly from property investors, has waned as homeowners and buyers hang out for interest rate cuts, says Kiwibank.

Support for regulation

Monday, March 18th 2024

Support for regulation

REINZ has emphasised the need for property management regulation to Parliament’s Social Services and Community Committee.

A better investment market

Thursday, March 14th 2024

A better investment market

“Reinstatement of interest deductibility starting from the new tax year on 1 April brings property investors back in line with every other business in the country, where interest costs are a legitimate deductible expense," Tim Horsbrugh, New Zealand Property Investors Federation (NZPIF) executive committee member says.

[OPINION] Recessionary times

Thursday, March 14th 2024

[OPINION] Recessionary times

It is not the best out there for many businesses and property sector people. Sales are down across the board, our clients’ confidence is falling, and there is a lot of uncertainty.