Many residents have shown concern over the effect on property prices as a result of the ongoing decline in water quality. The lake is now experiencing its third consecutive closure through the peak use summer season which is unpreceded.
While it is difficult to determine how much, with so many homeowners directly affected, the overall losses are quite substantial.
For example, if waterfront properties declined 100k, this represents a loss of 11.2 million out of the pockets of waterfront owners. This does NOT include the flow on effect to the many surrounding properties!
With no plan by Council to turn around the ongoing decline, prospective buyers have no confidence in purchasing around the lake.
Please review the advice below from a local respected real estate agent on the current market in the area.
As discussed over the past 15 years that I have been selling Real Estate in the area properties around Lake Hugh Muntz have always been a highly sought after as the lake has previously offered a safe environment for water activities. I have had numerous previous buyers sell ocean access canal properties to relocate to the Lake.
Given the declining condition of the Lake I have spoken to several property owners who are now reluctant to sell as they feel the lake being closed for primary contact will have a negative impact on their property value.
In my professional opinion, should the Lake no longer be suitable for primary contact or continue to remain closed for extended periods, the desirability of Lake Front properties to potential property buyers would significantly decrease thus having a negative impact on sale prices.