Implication of TC3 (Blue/Green) Land Zone in Chch?

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Batman

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#119342 28-May-2013 21:55

Those actively living in Christchurch, please enlighten me:

The most expensive parts of Chch (Fendalton, Merivale) is 50% deemed TC3 land ...

Are these places still most expensive or will they become half the price?

Does the whatever river than run in this TC3 zone flood?

meesham

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#827549 29-May-2013 09:44

It's hard to say what's going to happen. I have a TC3 property in Richmond (inner eastern suburb) and people still seem to be buying them - mainly as investment properties and then renting them out for crazy amounts, this seems to be pushing up the price. The main problem is insuring them, if they're currently uninsured then there's no chance of getting insurance unless it's a rebuild.

Flooding from the Avon isn't an issue for me but I'm quite close to the Dudley stream, I've noticed a lot more flooding in the past couple of years from that, a lot of the land has dropped.

rossmnz

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#827560 29-May-2013 09:58

Hi

I work for a major bank in Christchurch as a Business Manager.

Purely from what I have seen the "blue chip" areas such as Merivale, Fendalton etc have been largely unaffected by being labelled TC3 in terms of land/property values. This has been evidenced from valuations from reputable companies and comparable sales.

However this is not the case to the east.

Fundamentally if property is a rebuild at insurance expense (on a like for like premise) then you will get a property of the same size with foundations that are designed specifically for TC3 ie bulletproof for the majority of seismic events.

If you are buying the land only and need to build then be aware that you will need to spend upwards of an extra $50k doing reports, designing and building foundations for your specific site.

Hope that helps somewhat.

The force is strong with this one!

Batman

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#827582 29-May-2013 10:47

cheers. Really helps.