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.
Read More: ‘No-fish’ zones to sink house prices
Read the Marine Protected Areas Paper in PDF.