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McPherson Property Management – Christchurch Update

By Liam O'Boyle

23 June 2011

Christchurch Update

The government announcement today has given some of the people in the worst affected areas the opportunity to make decisions about their homes and a choice to move on.  CERA has set up a website to advise on the classification of land.  You can view this site at http://www.landcheck.org.nz/

The aftershocks continue causing some minor damage to properties closer to the epicentres of these events.  The greatest impact is of a psychological nature, people living and working in an environment with a constant level of underlying stress of wondering, where and how strong, the next aftershock will be.

Since September 4, 2010 Cantabrians have experienced over 7000 aftershocks, the resilience showing by the majority of the population is remarkable.  Some of our tenants are struggling to cope with living in Christchurch and are choosing to leave if they can.

We are having requests from some tenants seeking reductions in rent for loss of amenities.  The majority of owners have made concessions where these requests were genuine.   MPM have not been to the Tenancy Tribunal in relation to a loss of amenities hearing, but we have anecdotal reports of some significant rent reductions being ordered.

The Residential Rental Market in Christchurch is in 2 distinctive parts.  The North and Western area has good activity with properties in demand.  The Eastern Suburbs have rental properties available and many with only minor cosmetic damage but with little or no enquiry.   Depopulation is a factor but difficult to define the level and trend.  Canterbury University is projecting a reduction of 1500 students for the 2012 year which could impact on those specialising in student accommodation.

I thank our team who continue to function extremely efficiently in these challenging times in the role of custodian of your asset.  I thank you for your patience and understanding of the process’s we are going through and seek a continuation of this understanding.

Tony McPherson

McPherson Property Management

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