Properties bought ‘at or above valuation’

Press, Volume CXV, Issue 33804, 29 March 1975, Page 14

Properties bought ‘at or above valuation’

The Christchurch City Council had bought more than 100 properties, and in every case settlement had been made at or above an independent valuation obtained on the council’s behalf from registered public valuers, said the Town Clerk (Mr J. H. Gray).

This was the council’s policy, Mr Gray said, when commenting on a news item in “The Press” on Thursday, containing comments by a Christchurch valuer (Mr A. W. Moyle). Mr Gray said that the item inferred that the City Council had deliberately tried to buy property for less than it was worth.

“During negotiations, the property-owner concerned is advised to obtain his own similar valuation if not satisfied with the council’s offer, and any cost so incurred is paid for by the council, not the vendor,” Mr Gray said. “The vendor is at the same time advised to refer the matter to his solicitor, the expenses of whom are also paid for by the council.

“The council, while concerned about the economics of a proposed purchase in the interests of ratepayers generally, gives priority to the personal interests of the vendor,” he said. There had been instances when the council had made an interest-free loan available to bridge a financial gap to assist vendors who, because of age, infirmity, or lack of means, had difficulty obtaining home-ownership flats or other alternative accommodation. , , Christchurch land valuers have taken “strong exception” to some of the comments made by Mr Moyle. A senior Christchurch pub-

lie valuer and a member of the North Canterbury Land Valuation Commission (Mr R. K. Baker) said yesterday that he had spoken to senior valuers in Christchurch who took strong exception to Mr Moyle’s suggestion that valuers would not be impartial at all times.

"Any suggestion that we allow our knowledge to be influenced by the real estate side of our firms would be just plain ludicrous if it was not so serious,” Mr Baker said.