CERA says 26,000 Chch sections coming to market 7 Mar 2012
- NZD falls vs yen on low Bank of Japan stimulus Business
- Fletcher trims $12 mln from slimmed down Higgins acquisition Business
- Moa stresses it has no undisclosed plans Business
- New Report Supports Change To Co-ed News
- Kingfish's Fisher warns of lower returns Business
- Investors press NZOG to resume dividends Business
- NZ business confidence dips in June Business
- Statistics NZ delays June household labour force survey Business
- Finance minister to travel to Australia News
- Bethunes signals capital raise will come with investment 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.
25 Jul 2016 Environment
New Zealand Government Hon Steven Joyce Minister of Science and Innovation Hon Nathan Guy Minister for Primary Industries Hon Ma... more
25 Jul 2016 Business News
Article - BusinessDesk Monday 25 July 2016 05:13 PM PM censures Trade Minister for 'head of a pin' answers on China trade ... more
25 Jul 2016 Business News
New Zealand Government Hon Paul Goldsmith Minister of Commerce and Consumer Affairs 25 July 2016 Consultation for FMA... more
18 Jul 2016 Lifestyle
The Outlook for Someday Young New Zealanders Making Films For Good What does sustainability mean to you? Since 2007 The Outlook for... more
25 Jul 2016 Property
Article - BusinessDesk Monday 25 July 2016 House prices to peak next year on new supply, lower migration: Infometrics July 25... more
30 Mar 2016 Migration
British High Commissioner Jonathan Sinclair is defending changes to skilled migrant rules for Britain but suggests they won't affect... more
12 Jul 2016 Travel & Tourism
Article - BusinessDesk NZ guest nights fell in May, snapping 25 consecutive monthly gains July 12 (BusinessDesk) - New Zealand guest... more
25 Jul 2016 Rugby
The core of this year’s All Blacks Sevens squad headed by veterans DJ Forbes and Tim Mikkelson will anchor the side through the... more
25 Jul 2016 Sailing
Southern Spars today announced it has been appointed to build Emirates Team New Zealand’s boat for the 35th America’s... more
7 Jul 2016 Opinion
Column - Gordon Campbell Gordon Campbell on Tony Blair and the Chilcot Report | werewolf more
14 Jun 2016 Opinion
Column - Gordon Campbell Gordon Campbell on our paltry refugee response and a brazen US rewrite of the TPP First published at... more
13 Jul 2016 Appointments
New Zealand Government Hon Christopher FinlaysonAttorney-General 13 July 2016 New Supreme Court and Court of Appeal ... more
7 Jul 2016 Recruitment
Article - BusinessDesk Fletcher chases 100 ex-pat Brits as construction sector faces capacity constraints July 7 (BusinessDesk) -... more