Wind turbines see local land devalued by up to 60%

A new report has found that residents near wind turbines in the Southern Tablelands stand to lose up to 60% of the value of their properties.

The study contradicts the 2009 study on behalf of the NSW Valuer General which concluded that there was no evidence to suggest that properties nearby wind turbines suffered devaluation.

Charley Barber, who lives on a property backing onto the Gullen Wind Farm, has invested heavily in building and renovating his home, but has cancelled any future development because of the imposing wind farm. As he commented, it would be “throwing good money after bad”.

Gullen wind farm sub station
Gullen wind farm sub station

Peter Reardon, a property valuer in the Southern Tablelands for 15 years, coordinated the report on behalf of concerned landholders in the area. The report details the potential for landowners near wind turbines to see their property’s value discounted by between 33% and 60%.

Reardon highlights the issues of land holders of farming properties that view the eventual subdivision of their properties as a form of superannuation, as well as local ‘prestige properties’, which will no longer be as valuable.

He also comments on the large number of property buyers in the are who are ‘tree changers’ who want properties for leisure and have  “become the main driving force in setting values in the Southern Tablelands over recent years, and provides significant economic benefits, especially to many smaller rural communities”.

A preliminary study was conducted in 2012 but was inconclusive due to lack of market evidence. The new study surveyed prominent real estate agents in Goulburn, as well as compared the selling prices of properties affected by wind farm development and those not.

Approximately half of all proposed wind farms for NSW are located within 90km of Goulburn, meaning the potential for 3000 wind turbines to saturate the area.

Advertisements

2 thoughts on “Wind turbines see local land devalued by up to 60%”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s