Earthquake-boosted Wellington apartments are not gaining value – a lobby

Wellington’s Lobby Group says landlords have not received any payment in property values ​​despite some spending hundreds of thousands on mandatory repairs.

Photo: 123rf.com

Inner City Wellington says Building and Construction Minister Jenny Salesa said that owners’ work in earthquake-prone residences would improve the asset’s value.

But group spokeswoman Geraldine Murphy said the minister had not presented any evidence to support this.

Murphy said a survey of nearly 100 earthquake-prone residential property owners showed their property values ​​remained low. This is despite spending an average of $ 300,000 while others spent hundreds of thousands more.

“It affects people negatively.” “I feel nauseous from my core,” one owner said, “This is what you think when you wake up, that’s what you think when you sleep… and if you wake up with a cold sweat, that’s what you think.”

She said the owners were struggling to sell the properties because no one wanted to buy, which led to a further drop in prices.

Murphy wanted an independent review of the earthquake-prone building legislation governing apartment owners and the government compensation scheme.

The minister said she would consider a review to ensure that the legislation was fit for purpose and to ensure confidence in the system.

Salsa said the government created an earthquake-prone construction loan scheme to help apartment building owners who were unable to obtain a conventional loan from a bank.

“… the scheme aims to achieve a balance of equity for all taxpayers by minimizing the unnecessary transfer of wealth to the owners of buildings and homes.

The repair work is expected to increase the value of these buildings.

She said independent advice from the Department of Business, Innovation and Employment (MBIE) estimated that most units in Wellington could be seismically boosted for less than $ 200,000.

This was based on approval data provided by Wellington City Council to strengthen the earthquake work that was conducted in the city.

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