Taranaki land drops to half 1982 value

Press, 29 December 1986, Page 3

Taranaki land drops to half 1982 value

PA New Plymouth Fattening and grazing land in some parts of Taranaki is now worth only half what it was in 1982, according to the Institute of Valuers. In a 1986 property market report released last week, the institute says a decline in the value of this type of land in Taranaki was noted soon after a 1982 peak, but did not gather momentum until late 1985 when the fall became dramatic.

“It is now apparent that the poorer, more remote country is unable to at-

tract a buyer at more than 50 per cent below 1982 values,” says the report. Store hill country could now be expected to sell for about $6O a stock unit, while better breeding-fat-tening land would still be worth up to $lOO a stock unit. Other features of the report are: House prices have remained static in New Plymouth and Hawera but have dropped in the smaller rural servicing towns. The commercial and industrial market place has

undergone a general tightening over the last year after the completion of big energy project work and the general rural downturn. Market levels for dairy land have reduced about 20 per cent from the previous season. The residential report says that while house and home unit prices remain fairly static over all, rental flats sold at lower prices because of impending legislation regarding tenant-landlord relations and because of the winddown of the energy projects.