CERA says 26,000 Chch sections coming to market 7 Mar 2012
- SLI co founder Geoff Brash resigns after reducing his stake Business
- MARKET CLOSE: NZ shares rise as investors chase yield Business
- NZ dollar drops after weak Australian retail sales Business
- NZX 50 outperforms Dow, Australian, European indices in Q3 Business
- The Threats to David Cameron’s Tories News
- Narratives from the 2014 Election: What do we learn? News
- KiwiSaver providers warned over sharp sales practises Business
- Ebola unlikely in New Zealand, but we’re ready News
- Bold new building for Engineering and Architectural Studies News
- Farmers are divided over Fonterra's guaranteed milk price Business
The Canterbury Earthquake Recovery Authority says 26,000 sections should be coming to market for development in the devastated city of Christchurch next year.
Chief executive Roger Sutton told Parliament’s finance and expenditure committee the pace of the department’s work has accelerated since its inception last year, and it has paved the way for some widespread residential property development to house displaced locals.
“Twenty-six thousand sections within the greater Christchurch region are available for development,” he said. “Hopefully by next year we will have those properties on market.”
Property values are increasing in Christchurch, according to last month’s Quotable Value figures, and ASB’s housing confidence survey shows house price inflation expectations are greatest in the country’s second-biggest city.
Sutton said the speed with which it’s moving has attracted all kinds of investors looking for greenfield opportunities and he’s optimistic about the city’s future.
CERA is working through some $2.5 billion of infrastructure reconstruction, with water, sewage, electricity and telecommunications networks at the front of the queue before new roading is installed.
Sutton came under fire from Labour Party MP Lianne Dalziel, who said residents in the ‘red zone’, where the government decided homes were uneconomic to repair, were given a Clayton’s choice in voluntarily accepting the government’s offer.
Last year, Prime Minister John Key and Earthquake Reconstruction Minister Gerry Brownlee announced an offer to residents in the ‘red zone’ to either sell property and land to the Crown at a pre-September valuation, or sell the land only to the government leaving the resident to deal with the insurer.
CERA still has at least a year to work through demolishing buildings in Christchurch’s central business district, and the department is trying to recycle as much material as possible, Sutton said.
The Earthquake Commission also appeared in front of the committee and chairman Michael Wintringham said the department is working through ways to pay a cash settlement over the increased susceptibility of land to future events.
30 Sep 2014 News
London police believe a body found in a southwest London park is that of missing New Zealand man Malcolm McKinlay. Mr McKinlay, who... more
1 Oct 2014 Business News
NZ dollar drops as weak Australian retail sales sap demand for trans-Tasman currencies Oct. 1 (BusinessDesk) - The New Zealand... more
1 Oct 2014 Arts
ACG Strathallan By Kennedy Anderson from ACG Strathallan, winner of Photography section, Young... more
1 Oct 2014 Arts
For those who have friends and family living in Hamilton, this might be of interest. Taking an imaginary place and making it seem... more
30 Sep 2014 Property
By Suze Metherell Sept. 30 (BusinessDesk) - New Zealand building consents held steady in August from a month earlier, underpinned... more
30 Sep 2014 Migration
There are thousands of expats living in the UK who are aiming for permanent residency status and, eventually, a British passport. But... more
30 Sep 2014 Travel & Tourism
Some of the best travel deals going - both in New Zealand and abroad. Bookmark this page and check back each week for all the latest ... more
30 Sep 2014 Travel & Tourism
By Paul McBeth Sept. 30 (BusinessDesk) - Air New Zealand chief executive Christopher Luxon has defended its pricing on domestic... more
1 Oct 2014 Motor Sport
NZFMR Historic 1972 BRM Formula One car to race in New Zealand An historic Formula One racing car with a strong connection to a New... more
1 Oct 2014 Opinion
The Trans Pacific Partnership trade deal is one of those litmus issues that has always had more to do with one’s place on the... more
1 Oct 2014 Appointments
UCOL Chief Executive Appointment Leeza Boyce has been appointed as UCOL’s new Chief Executive to succeed Paul McElroy upon ... more
30 Sep 2014 Recruitment
With a total pay package worth $4.1 million, ANZ New Zealand's David Hisco is the top-paid boss in the Business Herald's executive pay... more