Housing news: NZ's 'leaky homes'

anski · #22 (**permalink**) 17th April 2012, 03:13 PM

Another article on Leaky Homes & a warning to new comers to New Zealand to avoid buying into potential problems in the future. Although not all Plaster clad homes are likely to be leaking buyers are avoiding them because it's a gamble whether they are sound or not. However none of these homes will last in the long term without cladding, currently most homes cost $200,000 plus to re-clad & that amount will only increase over time.

Quote:

House-seller Terri Cumiskey is cynical about spiralling Auckland prices after not getting a single offer for her place in two months.

She is blaming the rotting homes crisis for lack of interest in the Meadowbank house she rents out, having reluctantly bought it some years ago with an ex-partner, but says her place does not leak because it was was built after rules were tightened.

"My house is constructed from plaster. It was built in 2004 under the new building standards and has a cavity system which means it should not suffer from the problems that leaky homes had. However, because of the problems with leaky homes, all plaster homes have been tarred with the same brush," she said.

Last week, QV found Auckland values had soared 2.2 per cent beyond the 2007 peak and this week the Real Estate Institute recorded a new Auckland median of $495,200, up 5.4 per cent on last March.

Terri Cumiskey's three-bedroom, two-bathroom house at 52A Fancourt St has a capital value of $640,000, dropped from $680,000 in 2007 by Auckland Council when it revalued the property.

You can read the full story here
Leaky homes syndrome blames for lack of interest - Property - NZ Herald News