‘No-fish’ zones to sink house prices

Source: Adelaide Now

COASTAL property prices will take a big hit with the introduction of “no-fishing” zones.

The zones are being proposed under the Marine Parks conservation plan.

The value of thousands of holiday shacks, rental properties and homes in or near the planned 140 no-go zones across South Australia will fall by 25 per cent on average, State MP and former valuer-general John Darley has warned.

“Fishing is a big attraction at many coastal towns across the state and if you take that away then demand and prices will fall,” Mr Darley said. “And a lot of shacks have been built in areas they wouldn’t have if it weren’t for the fishing – so their value will fall even further.”

Mr Darley said the introduction next year of the zones would have a similar impact on the coastal real estate market as the recent drought had on property prices in Goolwa.

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Read the Marine Protected Areas Paper in PDF.

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