About the Post

Author Information

Australia — Wind farms win few fans

Matthew Cranston — Financial Review — October 12, 2013

Rural landholders across Australia may face a disappearing pool of buyers and plummeting values of up to 60 per cent because of neighbouring wind farms, a new, independent report has established.

Most reports so far, including valuation firm Preston Rowe Paterson’s on behalf of the NSW Valuer General, have not produced evidence that rural land holdings have been impaired by wind turbine development.

However, registered valuer Peter Reardon has compiled a 30-page dossier on the impacts of wind farms on adjoining or nearby rural farms.

“Discounts in value as identified of 33 per cent and 60 per cent in the market place cannot be ignored,” Mr Reardon said.

His detailed evidence included three properties, each with four or five comparative land sales.

Cullerin, an 80-hectare rural property west of Goulburn, adjoins Origin Energy’s 15-turbine wind farm. After being on the market for two years, it was sold last year at a 33 per cent discount to comparable farms that also sold within 12 months of the Cullerin sale.

A 120-hectare property outside Canberra which adjoined Infigen Energy’s 67-turbine wind farm sold in May this year for a 60 per cent discount to comparable farms also sold within 12 months.

‘NO BRAINER’

A third property showed no adjustment in value.

Mr Reardon, was commissioned by a farmer worried about the future impact on his property. He said the impact on land values from wind farms was a “no brainer” and the real issue should be about compensation to neighbours from wind-farm operators.

“As an industry standard compensation has not being given at this stage. Until then the landholders will continue to be disadvantaged,” Mr Reardon said.   Continue reading, here….

Tags: , , ,

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: