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Inquiry to probe wind farm property price impacts
Credit: ABC News | 16 April 2013 | www.abc.net.au ~~
A Federal Court decision has triggered a South Australian parliamentary investigation into whether wind farms can devalue neighbouring properties.
The terms of reference have been expanded for a select committee looking into wind farm developments.
Committee chairman David Ridgway says it results from a Federal Court decision finding the developments can cut the value of surrounding properties.
Mr Ridgway says it is a significant issue for country people that extends beyond simple property prices.
“There’s a flow-on effect that if somebody is using that property for equity, to expand a farming operation or their business operation and of course suddenly if it does have an effect on their property values, it does have a flow-on effect to their banking and finance arrangements,” he said.
“So it’s a very important issue that we hope to get some clarity on before the committee reports.
“There have been some suggestions but because it hasn’t been a term of reference on its own we really haven’t looked at that in detail but this is the first time that we’ve seen a court decision coming out I guess in black and white that yes, the judge in that particular court deemed that there was a significant effect on property.”
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