Council’s Policy on Waterfront Property may slash $1 billion Off Values
Residents claim that Lake Macquarie Council’s decision to place notations relating to flood and sea level rise on property certificates for waterfront properties is having a devastating effect on sales, with some falling through.
According to some residents, who are furious at the council’s decision, the new section 149 notation is wiping $1 billion off the value of properties.
Some owners have claimed that their homes are now worthless and won’t sell, and that insurance premiums are skyrocketing because of the new council notation.
Karen Mahoney, a resident of Marks Point, believes that the selling of her house had not gone through because the notation has resulted in the banks only being willing to lend up to half of the value of the property.
She claimed that the banks had attributed this to the property’s section 149 council notation.
Lake Macquarie Council responded to residents concerns by referring to the state government regulations that now required councils to, “consider information on historical and projected future sea level rise...”