Turbines ‘tarnish property values’
A FEDERAL magistrate has accepted that wind farms slash the value of surrounding properties, saying she found it “hard to imagine” any prospective buyer could ignore such development.
In a decision believed to be the first time an Australian court has recognised the adverse financial impact of wind farms for neighbours, magistrate Kate Hughes ruled a property would be worth 17 per cent less if a 14-turbine facility were erected next door.
For one part of the property, in regional Victoria, she accepted a 33 per cent fall in value was likely.
The ruling came in a family law case published this month amid separation proceedings for the couple who own the property.
Ms Hughes heard two separate valuers had agreed the wind farm would have a negative effect on the adjacent property, which the couple has divided into three blocks. “The expert value of the three blocks of land varies significantly depending on whether or not it is assumed the proposed wind farm will go ahead,” Ms Hughes said in her judgment.
“The impact of the proposed wind farm is apparent from the valuation report.”
Complete article at The Australian (subscription)