Historic classification = lower resale

One of Auckland's oldest homes on a huge Parnell main street site has sold for $2.5 million - well below its QV rating valuation of $4.2 million. Someone is quoted saying "It reflects its historic classification - it is very restrictive what work you can do to any part of the property." Is this an exceptional case?

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10730154

How do we ensure that residential home owners in Thorndon don't end up bearing costs to benefit a wider good?

The New Zealand Institute for the Study of Competition and Regulation published a viewpoint on the issue. http://www.iscr.org.nz/f515,14989/14989_July_2009_ver7.pdf

Scroll to p14 - Non-compensation It's Not Just

Some of the older posts in this blog outline WCC's approach to introducing heritage provisions to our suburb. (click on the 'heritage' tag to find related posts)