Govt Knew 'Very Fair' Buyout Offer was Thousands Below Market Value for Kaiapoi Homes

The often touted "very fair" residential red zone buyout offer was known by government officials to be on average, lower than the market value, as revealed by a recent Official Information Act request disclosure.

In the Cabinet paper, Decisions on Canterbury Earthquake Kaiapoi Orange Zones, the third bullet point in paragraph states that “The offer at 2008 rating valuation would be approximately $5,600 below the market value for the average property in Waimakariri as at 3 September 2010.”

This information was previously withheld by the government. Readers of the Cabinet paper would see a pasted blank area where this paragraph would have been.

How much lower would the Christchurch offer at 2007 RV be compared to the market value?