Methamphetamine contamination has been named as the biggest concern facing New Zealand’s residential property investors.
In the 2016 ANZ Property Investment Survey, 38 per cent of investors said they were worried about the prospect of contamination from the production or use of meth in their properties.
Meth damage, which is associated with health concerns, can require costly remediation. Concerns are at their highest in the Waikato where nearly two-thirds (63 per cent) of investors cite this as a risk.
“While the exact scale of the meth problem isn’t known, the risk of contamination is top of mind for many investors. The consequences for a property owner can be huge, with the bill to fix the problem potentially running into tens of thousands of dollars,” said ANZ Head of Mortgages Glenn Stevenson.