News

CSG to 'cut property values' says independent advisor

Glenugie community members taking water samples from a small creek near the site of a nearby gas well which is under construction.
Glenugie community members taking water samples from a small creek near the site of a nearby gas well which is under construction.

REAL estate prices for rural residential properties may nosedive as a result of coal seam gas activity, an independent property adviser has stated, but Metgasco challenges the claim.

Ken Potter, a director of Coffs Harbour-based valuation company Herron Todd White, was asked by Glenugie property owner George Oxenbridge to provide a statement about the likely impact CSG developments, which began last week on a neighbouring property, would have on his property value.

In his assessment, Mr Potter said the rural property market in Grafton and surrounds was slow due to an overall lack of economic confidence.

"During soft market conditions, properties with adverse features or detrimental impacts will prove difficult to sell and be most susceptible to a reduction in value levels," he said.

Mr Potter compared CSG developments to high-powered transmission lines which had led to discounts of between 0-30% on the "local" market.

"These affectation rates have been endorsed by the courts," Mr Potter said.

"The issue of CSG mining on adjacent properties will eventually indicate a similar degree of market discounting.

"Whether real or perceived, the issue surrounding CSG mining will act to restrict saleability and capital of values of adjoining or nearby properties."

But Mr Potter's assessment was refuted by Metgasco, the company which began work in Glenugie last week.

"The CSG industry has been active in Queensland for almost 20 years," said Metgasco chief executive Peter Henderson.

"We are not aware of any information from the Queensland Valuer General that indicates any reduction in property values in Queensland attributed to the CSG industry."

In his report, the Queensland Valuer-General Neil Bray said residential properties at Miles and Chinchilla, where coal seam gas developments are expanding rapidly, had increased in value by 30-40%.

"The majority of increases in the small towns are as a result of activity relating to the coal seam gas industry, the period of time since the last revaluation and the resulting market movement. ''

Mr Henderson said analysis by Wilson HTM Investment Advisory Group, estimated that in Queensland the compensation payment to landowners was five to 10 times the value of agricultural output foregone from the land used for CSG operations.

Anti-CSG activist Peter Ralph said the "greater" Tara area had a population of 2500 people and the town's only real estate agent, Elders, had more than 280 properties for sale.

"They can't sell these places, the market has gone. I know Dayne Pratzky has just received his rates notice which says his property went from $115,000 last year to $77,000 this year - and he won't even get that," Mr Ralph said.

Topics:  coal seam gas metgasco



Hill leads DEX Premier League Team of the Week

Easts batsman Ben Hill during the CRCA match between Easts and Brothers at Ellem Oval on Saturday, 13th February, 2016. Photo Debrah Novak / The Daily Examiner

The DEX sports desk reveals its Premier League team of the week.

Big waves, strong winds expected to smash our coastline

Warning issued by the Bureau of Meteorology

Clarence Dance studio concerts

The under 8 jazz troupe at the Studio 1 Dance Academy concert

Check out some of the best dancers in town

Local Partners

Harmony takes her next big step

BRAVE Grafton girl Harmony Fielden will undergo another major operation in Sydney's Westmead Hospital to help correct the symptoms of a mystery condition.


How people power stopped the gas mines

Iluka resident and character in the film, Ian Gaillard, addresses the crowd of anti-CSG protesters at Bentley.

Award-winning documentary to be screened in the Clarence Valley

Bored? Here's 9 things to do this weekend

The Clarence Valley Mental Health Fishing Group are holding a Christmas fishing event at Memorial Park.

Looking for something to do this weekend?

Bringing their Magic Mojo to Grafton

MAGIC: Head down to Roches Family Hotel for a brilliant mix of '70s, '80s and '90s music by Magic Mojo, a Coffs Coast band using their experience to give a brilliant performance.

Powerful trio to lift the top off Roches Hotel tonight

Ricky Gervais: There's 'no point' marrying Jane Fallon

RICKY Gervais "doesn't see the point" in marrying Jane Fallon.

Hacksaw Ridge wins big in first round of AACTA Awards

Luke Bracey and Andrew Garfield in a scene from the movie Hacksaw Ridge.

THE major awards will be handed out on Wednesday night.

Paris Hilton fumes at clumsy partygoers

A reveller spilt their drink on Paris Hilton's DJ decks

Winnie Harlow isn't a role model

Winnie Harlow insists she isn't a role model.

Felicity Jones proud of Rogue One: A Star Wars Story role

Felicity Jones feels it is "important" for a woman to head Rogue One

Kiwi's plea to Ellen DeGeneres to save bakery after quake

Ellen... we need your magic.

Family had to be helicoptered out after powerful quake

Banks reclaim Gladstone homes as job losses bite

LONG FALL: Property experts Heron Todd say, based on key market indicators, Gladstone is still travelling to the bottom of the market, with property prices set to get cheaper.

Property valuers say Gladstone housing market hasn't hit the bottom

The million dollar property to test Mackay's market

This Victoria St building will go to auction Tuesday and investors will be watching closely to see how much it sells for.

'High profile architect designed CBD asset' goes to auction

Chinese locked out of Australian property market

The rules are different if you're a foreigner

The buyer was from China - the trouble started right there

Morrison signs off on new affordable rental model

Australia's Treasurer Scott Morrison speaks during a press conference after a meeting of the Council of Federal Financial Relations at Parliament House in Canberra, Friday, Dec. 2, 2016.

Scott Morrison signed off on development of a new financing model

Coast high-flyer's fight back from bankruptcy, $72m debt

Scott Juniper went from millionaire developer to declaring bankruptcy in2012, now he is back on top of his game again with new developments including this one in Coolum.

'Apocalyptic lending storm' causes financial collapse.

Ready to SELL your property?

Post Your Ad Here!