More quake properties deemed 'red'
"What an utter shambles, my heart goes out to those who reluctantly uprooted their families and moved on only to find out now they could have stayed"Featured comment
The rezoning of 237 Port Hills properties today lifts the total number there eligible for a Crown payout to 714.
The additional 237 properties were the result of a review carried out by Dr Keith Turner for the Canterbury Earthquake Recovery Minister Gerry Brownlee.
At the same time, 33 properties were rezoned from red to green.
The rezoning to red represents a significant retreat from areas where the Christchurch City Council had previously given the go ahead for residential development.
Mr Brownlee’s media spokesman Nick Bryant says the value of the Crown offer is yet to be determined.
However, the hillside suburb properties tend to be higher-valued than those on the flat land at between $600,000 to $1 million.
Hundreds if not thousands of other properties on the hills await insurance settlements and earthquake repairs.
But values of properties that have sold recently show surprising price strength.
Many residents who have chosen to leave red-zoned areas on the flat land in suburbs like Avonside have boosted sales of new sections in western locations.
For example, the Faringdon development at Rolleston has enjoyed $70 million in land sales to date. The subdivision was launched 16 months ago and has achieved 420 sales to date – a rate of 26 lots per month.