The Building Act 2004 now requires Territorial Authorities (TAs) to have in place a policy setting out how they intend making existing buildings that would be unable to withstand a moderate earthquake safe for their occupiers. Many of the resultant policies developed by TAs have put in place mandatory upgrade requirements that will force owners to expend large amounts of capital on seismic upgrading of their buildings. The challenge for the property owners and TAs alike is to make such development work economic or the result will be wide scale demolition of old buildings. This has serious implications for both heritage conservation and inner city revitalisation plans that are based on existing heritage buildings. This paper sets out the issues and challenges for the seismic upgrading of buildings in New Zealand and puts forward some potential solutions
The 2010 and 2011 earthquakes have had a devastating impact on the city of Christchurch, New Zealand. The level of destruction has been especially evident in the central business district where it has been estimated over 1000 buildings have already been or will eventually require demolition. Although, contrary to expectations, most of the fatalities were in relatively modern buildings, the Victorian and Edwardian era building stock was especially hard hit in terms of property damage. Unfortunately this era and style of building were also the focus of the most successful inner city revitalisation projects to date. A major research project is now underway examining the impact on the earthquakes on one of these revitalisation areas. The first step is to examine the international literature on similar inner city revitalisation or gentrification areas and in particular the characteristics of owners and occupiers attracted to this type of environment. This is the focus of this paper.
The housing and mortgage market in Christchurch experienced significant changes since the 2011 earthquake, especially after the reconstruction of the city. The increasing speed of Christchurch average house price exceed the average house price of the whole country, as well as the number of new dwellings. By this regard, this study surveyed the households in Christchurch to analyze the effect of the earthquake on housing and mortgage market. This includes factors such as housing price, interest rate, government policy and socioeconomic factors in terms of age, gender, educational attainment, income, marital status and family life cycle.
Logistic regression model is used to analyze the data. The study provides an overview of the housing market and mortgage market in Christchurch. The logistic regression, results show changes on sensitivity between the socio-economic factors and house purchase, as well as mortgage borrowing pre- and post-earthquake. The result indicates that the earthquake in Christchurch has affected households’ decision on house purchase and mortgage borrowing.
Lincoln University and CBRE, a commercial real estate service provider,
have conducted research to investigate the impacts of the Canterbury
earthquake on the commercial office market in Christchurch. The 22
February 2011 Canterbury earthquake had a devastating impact on
Christchurch property with significant damage caused to land and
buildings. As at January 2012, around 740 buildings have either been
demolished or identified to be demolished in central Christchurch. On
top of this, around 140 buildings have either been partially demolished
or identified to be partially demolished. The broad aims of our research are to (i) examine the nature and extent
of the CBD office relocation, (ii) identify the nature of the occupiers, (iii)
determine occupier’s perceptions of the future: their location and space
needs post the February earthquake, and the likelihood of relocating
back to the CBD after the rebuild, and (iv) find out what occupiers see
as the future of the CBD, and how they want this to look.
"Prior to the devastating 2010-2011 Canterbury earthquakes, the city of Christchurch was already exhibiting signs of a housing affordability crisis. The causes and symptoms were similar to those being experienced in Auckland, but the substantial damage to the housing stock caused by the earthquakes added new dimensions and impetus to the problem. Large swathes of the most affordable housing stock in the east of the city were effectively destroyed by the earthquakes. In itself this would have pushed the mean house price upwards, but compounding problems exacerbated the situation. These include the price effects of reduced supply of both rented and owned housing and increased demand from both displaced residents and an influx of rebuild workers. The need for additional temporary housing while repairs were undertaken and the associated insurance pay-outs bidding up rents with improved rental returns leading to increased interest in property investment. Land supply constraints and consenting issues inhibiting the build of new housing and political infighting and uncertainty regarding the future of parts of the city leading to a flight of development activity to peripheral locations and adjoining local authorities. Concerns that the erosion of the city council rating base combined with inadequacy of insurance cover for infrastructure will lead to large rates increases, increased development costs and reduced amenities and services in future years. These and other issuers will be elaborated on in this paper with a view to exploring the way forward for affordable housing Christchurch City."
