$12.2m to acquire bridge homes
THE RTA will have to fork out an estimated $12.2 million to acquire homes in the path of its preferred Grafton bridge route and all homes in or near the grey study area will be devalued, a respected Grafton home valuer said yesterday.
Director of Taylor Byrne Valuers and Property Consultants Stephen Herbert said he had already fielded several inquiries from home owners in the RTA’s so-called ‘study area’ – the area surrounding all the proposed routes.
He gave a ‘ballpark’ estimate of the value of houses in the path of preliminary option D yesterday based on the map, a drive of the route (as much as possible), and Mr Herbert’s 16 years of local valuation experience.
Based on a four-lane road, Mr Herbert allowed a 25 metre corridor for the route.
Mr Herbert said he expected the value of all homes in the RTA’s study area to be adversely affected by the plans.
He said those homes which were near the new road would lose value.
“All the houses within the grey area will come under the microscope by valuers who will be closely monitoring sales within the area,” Mr Herbert said.
“Purchasers are going to be buying with the knowledge that this is potentially a reality.
“We will be advising financiers ... who may want to reduce their exposure on those properties.
“It’s difficult to prove till we get a sale within the study area.”
Speaking at an RTA information session on the proposals yesterday, Bacon Street resident John Melenhorst said it was unfair plans had been unveiled before funding was allocated because it left people in the whole grey area in limbo while home values diminished.
An RTA spokesman said yesterday it hoped to have an official preferred route established by the end of the calendar year.