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11.03.04 :: Terrence Aschoff, Manager
CHRANZ
A report investigating the impacts
of leaky home stigma on residential property values
by Mr Song Shi, a MBS student at Massey University,
has been released by the Centre for Housing Research,
Aotearoa New Zealand (CHRANZ).
(CHRANZ) contributed a $6,000 New
Researcher Development Grant to the funding of this
research. The post graduate grants are aimed at promoting
housing research capacity in NZ by providing some financial
support for suitably qualified graduate students to
work on housing research said Terrence Aschoff, Manager,
CHRANZ.
Mr Moses Alatina, a second recipient
of a research grant from CHRANZ, will soon be completing
his research into housing issues for the Tongan community
in Otara, South Auckland.
CHRANZ has recently assessed funding
requests from postgraduate students for its 2003/2004
research grants. The research proposals being considered
include research into:
- The Aspirations and decision-making
processes among (potential) first homeowners (25-
35 yrs) in the Auckland region.
- The housing experiences of a refugee
migrant group in Christchurch.
Key Research Findings:
- An estimated 12 - 14.6% loss in
market value, across the country, from home stigma
associated with leaky buildings compared to homes
with no history of leaky home syndrome.
- The estimated loss covers both
before and after any damage has been corrected.
- The key reasons, in order of importance,
behind the stigma are identified as: Future remediation
work; Compensation claims; Sales price discount; Willingness
of Bank lending; Insurance costs; Marketing time;
Due diligence cost; Health issue of toxic mould and
dampness; Life span; Weather tightness consultation
costs; and Debt servicing costs.
A full copy of the report is available
on the CHRANZ
web site.
For further information please contact:
Terrence Aschoff
Manager, CHRANZ
28 Grey Street
PO Box 2628
Wellington
DD: 04 494 7416
M: 025 290 7504
E: terrence.aschoff@chranz.co.nz
E: kainga.tipu@chranz.co.n
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