PROPERTY prices could plummet by up to 40 per cent for those living near the site of the proposed Brewongle Solar Farm, one Bathurst real estate agent says.
Plans for a 203 hectare solar farm just seven kilometres from Bathurst, will soon be lodged by Photon Energy Australia.
The farm will have the capacity to power 46,000 average Australian homes and save 223,161 tonnes in C02 emissions annually.
Photon held a community meeting recently where representatives were met with many disgruntled property owners who feared the facility would lead to a drop in their own land values.
A letter written by a Bathurst real estate agent to Tarana Road residents Liam and Peta O’Hara, that was provided to the Western Advocate, appears to confirm residents’ fears.
“In research in other areas it has been found that this can depreciate value of the surrounding properties up to 40 per cent,” the agent wrote.
“It limits the buyers that would even consider a property in that proximity.”
This can depreciate value of the surrounding properties up to 40 per cent.
The agent, who is currently on leave and could not be contacted for this story, also added in his letter that not only would sale prices drop, but properties may take longer to sell.
Mr and Mrs O’Hara live just 400 metres from the proposed solar site.
“Everyone will have to wait until it’s up and running before they can sell,” he said.
Ray White Real Estate Emms Mooney rural sales specialist Stewart Murphy said potential buyers will have different views on a power plant nearby.
“Some buyers it concerns and others it doesn’t, it’s just personal preference. It’s like noise on a road,” he said.
While the solar plant may be a negative for some buyers, Mr Murphy said a predicted price drop of 40 per cent was a bit high.
“I don’t know how you can put a number on it. That’s a big statement, particularly in the rural housing market,” he said.
Raine & Horne Bathurst director Matt Clifton agreed that the “visual impact” of the power plant may deter some buyers.
“I think it would have an impact, but how much I don’t know,” he said.